The rising price of oil has made it feasible to extract oil out of oily sand in Canada. Concerning the oil market this is an example of
A) a higher price elasticity of supply in the long run.
B) a higher price elasticity of supply in the short run.
C) a higher price elasticity of demand in the short run.
D) an inelastic long-run supply of oil.
A
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Based on the graphic showing the Lorenz Curve, in 2017 income distribution in the United States ______.
a. followed exactly along the line of perfect equality
b. was closer to the line of perfect equality than in 1980
c. was farther from the line of perfect equality than in 1980
d. was the same distance from the line pf perfect equality as in 1980
The substitution bias in the CPI arises because the CPI:
A. is based on a fixed basket of goods and services. B. does not adequately allow for improvements in products. C. understates the "true" rate of inflation. D. measures prices at two different times.