Economists use the term shocks to mean
A) unexpected government actions that affect the economy.
B) typically unpredictable forces that have major impacts on the economy.
C) sudden rises in oil prices.
D) the business cycle.
B
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The airline and trucking industries came under regulation during the:
a. 1920s. b. 1930s. c. 1960s. d. 1970s.
Which of the following best illustrates perfect competition?
A. wheat farming B. orange growers setting quotas under the Sunkist cooperative C. General Motors advertising campaign for its cars D. Coca-Cola and Pepsi battling for market share
All of the following are functions of the Federal Reserve System EXCEPT
A. acting as the government's fiscal agent. B. supplying the economy with fiduciary currency. C. lending funds to risky customers denied credit by commercial banks. D. providing a system of check collection and clearing.
In terms of individual nations, the largest U.S. trade deficit is with:
A. Japan. B. Mexico. C. China. D. Canada.