An increase in oil prices is considered a supply shock because it would lead to a shift of the aggregate supply curve
a. True
b. False
A
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The demand for necessities generally is ________ the demand for luxury goods
A) as elastic as B) more elastic than C) less elastic than D) flatter than E) not comparable to
OPEC is an example of a ________
A) duopoly with differentiated products B) monopoly C) duopoly with homogeneous products D) cartel
The first formal acknowledgement of the primary macroeconomic goals of price stability, high employment, and promoting economic growth in the United States came with passage of the: a. Federal Reserve Act of 1913
b. the Sherman Antitrust Act of 1890. c. the Social Security Act of 1935. d. the Employment Act of 1946.
Which of the following is an implicit cost of production?
A) the loss in the value of capital equipment due to wear and tear B) the salary you pay yourself for running your business C) the utility bill paid to water, electricity, and natural gas companies D) the interest you pay your mother for the money she loaned you to start your business