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.

B

Economics

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In the United States, the ________ has the official responsibility for foreign exchange intervention

A) State Department B) International Trade Commission C) Department of Commerce D) Treasury Department

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The IMF agreement forced the U.S. to exchange gold for dollars at what price?

A) $25/ ounce B) $35/ ounce C) $45/ ounce D) $55/ ounce E) $20/ ounce

Economics