Which of the following will cause a movement along the supply curve for oil?
A) new technology to drill oil underwater in the Gulf of Mexico
B) a change in the price of oil
C) an increase in the number of oil-producing firms
D) government subsidies to oil producers in Wyoming
B
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Did the 1957 Treaty of Rome turn the EU into a truly unified market?
A) Yes, it paved the way for the current EMU. B) No, although it established a customs union, it failed to remove barriers to the movement of goods and factors within Europe. C) No, it was only after the German unification and locating the ECB in Frankfurt that unity was achieved. D) No, since the Northern members of the EU had larger endowments of capital and skilled labor. E) No, the Treaty of Rome created more trade barriers between European countries.
When the economy is at equilibrium,
A. There are no leakages. B. Inventories must equal zero. C. Leakages equal aggregate demand. D. Leakages equal injections.