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.
Clinal maps of ABO allele distributions in the indigenous populations of the world.
The primate dental formula illustrated for (a) the lower dentition of an Old World monkey and (b) th
An Oil-dependent World— Supply and Demand Driven
Organization of the nervous system.
As the world’s population continues to grow, demands on limited resources for food production
The flow of energy and the cycling of materials maintain nature’s organization