Which of the following is an example of an adverse supply shock?
A) OPEC cuts oil production
B) a large oil spill in the Gulf of Mexico
C) a devastating hurricane off the Louisiana coast
D) all of the above
E) none of the above
D
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________ is said to exist when the formation of a regional trading group leads to the reduction of trade with nonmember countries in favor of member countries
A) Trade creation B) Trade diversion C) Trade exclusion D) Trade distortion
Banking failures result when
(a) banks do not hold 100 percent of their customers' deposits in their vaults. (b) banks make loans. (c) bank withdrawals exceed their reserves. (d) all of the above occur.
Which of the following is the term that defines the relationship between price and quantity supplied?
a. negative b. law of demand c. ceteris paribus d. equilibrium e. willingness to pay f. willingness to accept g. marginal benefit h. None of the above.
If a can of soda costs $1.00 today, how much would it cost in 12 months (1 year) if the prices go up by 50 percent per month?
A. about $130.00 B. about $7.00 C. about $6.00 D. about $24.00