« previous next »

Author Question: In 1973 and again in 1979, the Organization of Petroleum Exporting Countries (OPEC) raised the world ... (Read 135 times)

jparksx

  • Hero Member
  • *****
  • Posts: 570
on: Jun 29, 2018
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.


randomguy133

  • Sr. Member
  • ****
  • Posts: 310
Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

C


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Individuals are never “cured” of addictions. Instead, they learn how to manage their disease to lead healthy, balanced lives.

Did you know?

Though the United States has largely rejected the metric system, it is used for currency, as in 100 pennies = 1 dollar. Previously, the British currency system was used, with measurements such as 12 pence to the shilling, and 20 shillings to the pound.

Did you know?

Russia has the highest death rate from cardiovascular disease followed by the Ukraine, Romania, Hungary, and Poland.

Did you know?

Each year in the United States, there are approximately six million pregnancies. This means that at any one time, about 4% of women in the United States are pregnant.

Did you know?

Allergies play a major part in the health of children. The most prevalent childhood allergies are milk, egg, soy, wheat, peanuts, tree nuts, and seafood.

world percentage of religion world percentage of religion
Distribution of the Old World monkeys. Distribution of the Old World monkeys.
Climate—The “Dry World” Climate—The “Dry World”
The Importance in the World Fossil Fuel Economy The Importance in the World Fossil Fuel Economy
A model for kinetochore structure and organization A model for kinetochore structure and organization
Structural organization of a copia transposable element in Drosophila Structural organization of a copia transposable element in Drosophila
Video: Double Vacuum Process (Illustration No Audio)

For a complete list of videos, visit our video library