In the Run Up to the War in Iraq That

question 49

Multiple Choice

In the run up to the war in Iraq that began in 2003,one of the many concerns raised was that a war could result in a decrease in the supply of oil.At the same time,the U.S.economy was having a hard time recovering from the recession of 2001 and,as a result,incomes of many consumers had decreased (due to layoffs,wage cuts,and so forth) .All else constant,it was reasonable to predict,with certainty,that the combination of these two factors would cause the equilibrium:

• A)quantity of oil to decrease.
• B)quantity of oil to increase.
• C)price of oil to increase.
• D)price of oil to decrease.

Understand the role of various geological and chemical factors in the early synthesis of organic compounds.

Recognize the importance of astrobiology in studying extraterrestrial life possibilities.

Understand the process and importance of protocells in the early evolution of life.

Identify the contributions of cyanobacteria to Earth's atmosphere and the development of cellular organelles.

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Definitions:

Producer Surplus

represents the difference between what producers are willing to accept for a good or service and the actual price they receive, measuring their benefit.

Supply Curve

A graphical representation that shows the relationship between the price of a good or service and the quantity supplied by producers.

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a given period.

Producer Surplus

The difference between the amount producers are willing to sell their goods for and the actual amount they receive due to higher market prices.