During the Great Depression, automatic stabilizers ______.
a. prevented a complete economic meltdown
b. deepened the economic crisis
c. were not yet in place
d. took too long to take effect
c. were not yet in place
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Most of us are dependent on crude oil in some shape or way, whether it's to power our cars or to heat our homes in some parts of the country. More than 80 percent of the home heating oil used in the United States goes to the Northeast
It is suggested that there needs to be government regulation to make it illegal to charge a very high price for oil. This type of regulation would be a ________. A) price ceiling B) price floor C) shortage regulation D) tax incidence
Each member of OPEC can increase its income by selling more oil than its output quota because
A) the demand for oil is perfectly elastic. B) by selling more at OPEC's cartel price, a member will automatically earn more income. C) each member's demand is more elastic than the total demand for oil. D) the demand for oil is inelastic so total revenue increases.