If extraction technology continues to improve over time,
A) the price of crude oil can continue to fall or stay steady.
B) the price of crude oil will increase despite any attempts to stem demand.
C) the price of crude oil will only fall if sufficient government taxation is implemented.
D) the price of crude oil will only fall if sufficient demand declines are arranged.
A
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Consider a production possibility frontier with books and tables. A combination of 1000 books and 500 tables is on the frontier. Which of the following are true?
i. Production of 700 books and 400 tables is attainable but inefficient. ii. Production of 1000 books and 600 tables is unattainable. iii. Production of 500 books and 1000 tables is inside the frontier. A) i, ii and iii B) i only C) i and iii D) ii and iii E) i and ii
If steak and potatoes are complements, when the price of steak goes up, the demand curve for potatoes:
A) shifts to the right. B) shifts to the left. C) stays the same. D) shifts to the right and then moves back.