A temporary decrease in the price of oil would be considered a:
A. long-run supply shock.
B. demand shock.
C. short-run supply shock.
D. The changing price of oil would not affect any of these.
Answer: C
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Goods whose income elasticities are negative are called
A) normal goods. B) superior goods. C) inferior goods. D) complements.
The implicit cost of ownership:
A. is a cognitive bias. B. is an unproven concept. C. is the monetary opportunity cost that is often overlooked. D. All of these are true.
Which of the following statement(s) is (are) false?
A) The number of U.S. farms at present is about 2 million. B) At present, most U.S. farms are organized as partnerships and corporations. C) The average size of U.S. farms is between 800 and 1,000 acres. D) Both B and C.
Keynesian theories theories relay on changes in ____________ as causes of short run fluctuations
A) large increases in the price of oil B) component ofs the production function C) consumer views about the course of the economy D) fluctuations in the quantity of money