When OPEC raised the price of crude oil in the 1970s, it caused the
a. supply of gasoline to decrease.
b. quantity of gasoline demanded to decrease.
c. equilibrium price of gasoline to increase.
d. All of the above are correct.
d
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In a system of flexible exchange rates, a reduction in the money supply will cause
a. a rise in the value of the dollar relative to foreign currencies. b. a fall in the value of the dollar relative to foreign currencies. c. no change in the value of the dollar relative to foreign currencies. d. a change in the value of the dollar relative to foreign currencies but the direction of the change is uncertain.
Rapid population increase in which of the following economies may threaten and deter economic growth the most?
a. highly industrialized countries b. an agriculture based economy c. developed economies d. a technology driven economy