The brief success of the OPEC cartel in the 1970s can most plausibly be attributed to
A) the dependence of industrial economies on oil.
B) the fact that OPEC was a cartel formed by national governments.
C) the inelastic demand for oil.
D) the misguided policies of the U.S. government.
E) the widespread expectation of much higher prices in the future.
E
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A sale of U.S. government securities by the Fed causes a(n)
A) expansion of the money supply equal to the amount of the securities sold. B) contraction of the money supply equal to the amount of the securities sold. C) expansion of the money supply of more than the amount of the securities sold. D) contraction of the money supply of more than the amount of the securities sold.
The natural rate of unemployment (i) is the economy's desirable level of unemployment. (ii) cannot be affected by economic policy. (iii) is typically constant over time
a. (i) and (ii) only b. (iii) only c. (i), (ii), and (iii) d. None of the above is correct.