OPEC successfully raised the world price of oil in the 1970s and early 1980s, primarily due to
a. an inelastic demand for oil and a reduction in the amount of oil supplied.
b. a reduction in the amount of oil supplied and a world-wide oil embargo.
c. a world-wide oil embargo and an elastic demand for oil.
d. a reduction in the amount of oil supplied and an elastic demand for oil.
a
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An investor will generally find that hiring an investment firm to actively manage his or her portfolio will
A) result in a higher return than would be received from an index mutual fund. B) be less expensive than simply placing money in an index mutual fund. C) result in a higher return, but will be more expensive than placing money in an index mutual fund. D) result in about the same return, but be more expensive than placing money in an index mutual fund.
What does the law of supply state?
a. Price and quantity demanded are inversely related. b. An increase in demand will cause a leftward shift in the supply curve. c. Price and quantity supplied are positively related. d. A shift in the supply curve must be the result of a change in prices.
Comparative advantage is the ability to produce:
A. relatively more than any other good with a given amount of resources. B. more of a good than others with a given amount of resources. C. more of a good at a lower cost. D. a good or service at a lower opportunity cost than others.
Compared to Treasury bills, commercial paper
A) has no default risk. B) does not have much of a secondary market. C) has a lower yield. D) sells at a higher price for.