"When OPEC Increases the Supply of Oil to the Market

question 445

Multiple Choice

"When OPEC increases the supply of oil to the market, the price of gasoline falls." This is an example of

• A) a normative statement.
• B) the failure of opportunity cost to determine prices.
• C) a positive statement.
• D) a macroeconomic statement.

Recognize the legal protections provided to employees under various U.S. federal employment laws.

Distinguish between different forms of employment discrimination and the legal defenses available to employers.

Comprehend the procedural process of filing and proving a discrimination claim under U.S. federal law.

Identify the role of both federal and state laws in protecting employees in the workplace.

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Definitions:

Submarine

A watercraft capable of independent operation underwater, often used for military purposes.

Production Possibility Frontier

An illustration representing the maximum production capabilities for multiple goods with a certain amount of resources.

Opportunity Cost

The economic consequence of bypassing the closest better choice when making a decision.

Production Possibility Frontier

A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, technology, etc.), assuming all resources are fully and efficiently utilized.