US Highway 12 Is Part of a Crucial Two-Lane Artery

question 74

Multiple Choice

U.S. Highway 12 is part of a crucial two-lane artery from the seaports in Washington State to the tar sands in Canada. Extracting oil from the tar sands requires very large equipment and transporting it takes up both lanes of U.S. Highway12. In August of 2010, Idaho granted ConocoPhilips a road permit that allowed it to transport four oil-processing units. Without this permit, ConocoPhilips would have had to transport those units a much longer distance to get them to their destination. If permits for this highway were not allowed, how would that affect the elasticity of which curve in the market for oil?

• A) The supply curve would become more elastic.
• B) The supply curve would become less elastic.
• C) The demand curve would become more elastic.
• D) The demand curve would become less elastic.

Recognize the role of non-market activities and various expenditures in GDP formulation.

Explore the dynamics of the circular flow model, focusing on the role of households and firms in the economy.

Understand the concept and calculation of Gross Domestic Product (GDP) and its significance in measuring economic activity.

Identify and explain the components that contribute to or are excluded from GDP.

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Definitions:

Audit Log

A chronological documentation that captures the detailed activities or changes within an application or system for review and compliance monitoring.

Financial Statements

Collective records of a company's financial activities, including the balance sheet, income statement, statement of cash flows, and statement of changes in equity, providing insights into its financial condition and operations.

Dashboard

A user interface that provides a quick overview of various metrics and performance indicators, often customizable and used in software applications.

Business Overview

An outline that provides a high-level summary of a company's mission, operations, market position, and financial health.