Refer to the consumption schedule above. The marginal propensity to consume is represented by:

Why is it likely that the United States has an absolute advantage in goods and yet it still ends up importing them from other countries?

What will be an ideal response?

Hurricane Katrina damaged a large portion of refining and pipeline capacity when it swept through the Gulf coast states in August 2005. As a result of this, many gasoline distributors were not able to maintain normal deliveries

At the pre-hurricane equilibrium price (i.e., at the initial equilibrium price), we would expect to see A) a shortage of gasoline. B) an increase in the demand for gasoline. C) a surplus of gasoline. D) the quantity demanded equal to the quantity supplied.