Refer to the information provided in Figure 28.7 below to answer the question(s) that follow. Figure 28.7Refer to Figure 28.7. If the economy is at Point A, a sudden decrease in the price of oil without any change in the aggregate demand shifts the short-run Phillips curve (SRPC) from

The WTO also ruled on the U.S. restriction of gasoline imports from Venezuela and Brazil in 1994 on environmental grounds. What was the outcome?

a. The United States could ban those imports because they violated the U.S. Clean Air Act. b. They could not ban the imports because they had not given Venezuela and Brazil a grace period as they had given their own U.S. companies. c. The United States could not use "environmental protection" as an excuse for every trade dispute that came along. d. The United States could bring counter-charges against Venezuela and Brazil on the banana issue.

Which of the following would most likely feature elastic demand?

a. heart surgery b. a required textbook c. fresh green beans d. all of the above