In retaliation for U.S. support for Israel during the Arab-Israeli War, OPEC countries stopped selling oil to the United States. For the United States, this embargo caused the
a. demand curve for oil to shift out.
b. demand curve for oil to shift in.
c. supply curve of oil to shift out.
d. supply curve of oil to shift in.
d
Economics
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The IS model implies that a dollar of government spending has a larger impact on equilibrium output than does a dollar of taxes. Explain
What will be an ideal response?
Economics
If leisure is a normal good for a worker, and the income effect of a wage change dominates the substitution effect, then if wages increase:
a. there will be a decrease in the quantity of labor supplied by the worker. b. there will be an increase in the quantity of labor supplied by the worker. c. there will be no change in the quantity of labor supplied by the worker. d. the worker's individual supply curve will shift to the left.
Economics