The World Bank was created as a result of the Bretton Woods conference and was originally focused on the reconstruction of Europe after World War II
Indicate whether the statement is true or false
TRUE
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Each member of OPEC can increase its income by selling more oil than its output quota because
A) the demand for oil is perfectly elastic. B) by selling more at OPEC's cartel price, a member will automatically earn more income. C) each member's demand is more elastic than the total demand for oil. D) the demand for oil is inelastic so total revenue increases.
Refer to Figure 8.1. Holding other variables constant, an increase in the skill level of workers will result in a
A) shift from curve D1 to curve D2. B) shift from curve D2 to curve D1. C) movement from point A to point B. D) movement from point B to point A.
Assuming that automobiles are normal goods, a rise in consumer income, other things being equal, will cause:
A. the demand curve for automobiles to shift to the left. B. the demand curve for automobiles to shift to the right. C. a downward movement along the demand curve for automobiles. D. an upward movement along the demand curve for automobiles.
When the government sets a maximum price that can be charged for a good or service, it creates
A) a price support. B) a price floor. C) a white market. D) a price ceiling.