From 1978 to 2003, the economy of ________ grew on average 9 percent per year, a rate faster than any other country in the world.

A shift of the supply curve of oil raises the price from $70 a barrel to $80 a barrel and reduces the quantity demanded from 40 million to 38 million barrels a day. You can conclude that the

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

Which of the following most correctly states the law of demand?

A) As the price falls all other things unchanged, demand will go up. B) As the price goes up, all other things unchanged, demand will go down. C) As the price falls, all other things unchanged, the quantity demanded will go down. D) As the price falls, all other things unchanged, the quantity demanded will increase.