Exhibit 1A-7 Straight line relationship
Using the relationship shown in Exhibit 1A-7, suppose the price of air travel increases. How would you revise the graph to show this change?
A. Draw a new point on the graph upward and to the left.
B. Draw a new point on the graph downward and to the right.
C. Draw a new line on the graph.
D. Change the current line so that its slope is flatter.
Answer: C
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Oil and Natural Gas can each be used as a source of energy and are, for many purposes interchangeable. Which of the following best explains the increase in the price of natural gas that accompanied the increase in the price of oil during the 1990-1991 Persian Gulf War?
a. Increased oil prices raised demand for natural gas, a substitute good. b. Increased oil prices raised the quantity demanded of natural gas by movement along the natural gas demand curve. c. Increased oil prices reduced supply of natural gas, a substitute good. d. Increased oil prices reduced supply of natural gas, an alternate good. e. Increased oil prices raised supply of natural gas, a substitute good.
Price supports can help farmers to better compete internationally
Indicate whether the statement is true or false