In 1973 and again in 1979, the Organization of Petroleum Exporting Countries (OPEC) raised the world price of crude oil and increased their revenue as well. Which of the following is a TRUE statement regarding these OPEC price hikes?
A) Their revenue increased because the demand for oil was income inelastic.
B) Their revenue increased because the demand for oil was price inelastic.
C) Their revenue would have increased regardless of income elasticity or price elasticity because oil is an imported product for most nations.
D) Their revenue only increased because oil was already very expensive.
Question 2
The U.S. aggregate demand curve shifts leftward if
A) the economic conditions in Europe improve so that European incomes increase.
B) there is a tax cut.
C) the Federal Reserve increases the interest rate.
D) the exchange rate falls.
New Yorkers flee from the dust caused by the collapse of the twin towers of the World Trade Center f
Tropomyosin gene organization (rat) and seven alternative splicing pathways
World Aquaculture Production "لإنتاج العالمي لتربية الأحياء"
World Population, 1850–2150
The Great Spike in World Population Growth
Conservation of organization and patterns of expression in Hox genes