Which of the following was an outcome of uncoordinated oil drilling in Huntington Beach, California?
a. The entire oil present underground had been extracted within few years.
b. Underground oil pressure had increased due to excessive drilling leading to an oil spill into the adjacent sea.
c. A majority of the oil could not be drilled out as low underground pressure prevented oil from reaching the surface.
d. The oil belt suffered frequent earthquakes as excessive drilling had loosened the soil bonding.
C
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If grocery stores in high-crime areas charge higher prices than stores elsewhere, it is because
A) each item sold must bear its share of the higher insurance costs. B) residents of high crime areas tend to be less price-conscious shoppers. C) the costs of crime are a legitimate cost of doing business. D) the store owners are not setting marginal cost equal to marginal revenue. E) there is less competition between stores in high-crime areas.
According to Baumol and Blinder, the real-world multiplier will be smaller than 1/(1 ? MPC) because the 1/(1 ? MPC) measure is based on
A. a model that ignores inflation associated with the expansion of income. B. a model that adds taxes that tend to change as income changes. C. a model that adds the effects of international trade. D. a model that ignores the prices government faces