Prior to the mid-1980s, almost all loans extended by the International Monetary Fund were repaid on time.

If oil refiners expect the government to tax away any profits created by international supply disruptions, refiners will choose to

A) carry smaller inventories of crude petroleum. B) leave the oil refining business. C) prevent the price of crude petroleum from rising. D) raise their prices to cover their added risks. E) take a higher percentage of their profits as windfalls.

If the demand for a good is perfectly elastic, the price elasticity of demand is ________ and the demand curve is ________

A) infinite; vertical B) zero; vertical C) zero; horizontal D) infinite; horizontal