The rapid rise in oil prices during 2007-2008 can be explained by noting the fact that
a. the supply of oil increased more rapidly than the demand for oil increased
b. the demand for oil increased more rapidly than the supply for oil increased
c. the demand for oil decreased at the same time that the supply of oil increased
d. the quantity demanded of oil increased more rapidly than the quantity supplied of oil increased
e. the quantity supplied of oil increased more rapidly than the quantity demanded of oil increased
B
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The urban consumers that the CPI is based on includes:
A. bank tellers. B. greeters at Walmart. C. retired persons. D. All of these are included.
Recessions
a. almost never occur in the American economy. b. follow a regular and predictable cycle. c. are common features of the American economy. d. have been abolished by wise macroeconomic policy.
If the price of inputs rises and consumer expectations about future economic activity worsens:
a. Price index rises, and the change in real GDP is uncertain. b. Price index falls, and real GDP rises. c. The change in price index is uncertain, and real GDP rises. d. The change in price index is uncertain, and real GDP falls. e. Price index falls, and the change in real GDP is uncertain.
Recall the Application about how to wash carbon out of the air to answer the following question(s).This Application deals with the problem of ________ emissions in the atmosphere.
A. fracking B. smog C. carbon D. None of these