Refining gasoline for our cars requires a very specialized resource, crude oil. As a result, the

A) demand for gasoline is price elastic.
B) demand for gasoline is price inelastic.
C) supply of gasoline is price elastic.
D) supply of gasoline is price inelastic.

D

Economics

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Steve and Karen decide to attend the same concert when they are each given free tickets to it. We know that

A) both bear the same opportunity cost because they are seeing the same thing. B) both bear the same opportunity cost because the tickets have the same face value. C) both bear an opportunity cost that depends on what each person is giving up to attend the concert. D) neither bears an opportunity cost since the tickets were given free to them.

Economics

Using public policy to promote health can contribute to growth because:

A. workers who are in good health take more vacation days and are less likely to work. B. workers who get free health care are more likely to be careless. C. it allows the importation of more goods and services. D. workers who are in good health will be more productive and less likely to miss work days.

Economics