During 2003-2007, the price of crude oil increased substantially on the world market. Other things constant, how will an unanticipated increase in oil prices influence the general level of prices and real output of oil-importing nations such as the United States and Japan?
a. Both real output and the general level of prices will decrease.
b. Both real output and the general level of prices will increase.
c. Real output will increase, and the general level of prices will decrease.
d. Real output will decrease, and the general level of prices will increase.
D
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________ could result in a recession because it would ________
A) An increase in government expenditures on goods and services; shift the AD curve to the right. B) An increase in the quantity of money; shift the AS curve to the right. C) An increase in investment; shift the AD curve to the right. D) A tax cut; shift the AS curve to the left. E) A rise in the price of oil; shift the AS curve to the left.
If four quick oil change service companies agree to reduce the number of cars they service each month in an effort to raise the price for the service, this is an example of ________.
A) market division B) output restrictions C) bid suppression D) resale price maintenance
Programs like Medicaid in the United States provide low-income households with medical care, because of the attitude of unfairness associated with the allocation of health care
a. True b. False Indicate whether the statement is true or false
If inflation in the United States rises relative to the inflation rate in Mexico, the dollar will __________ in terms of the peso and the peso will __________ in terms of the dollar
A) remain unaffected; appreciate B) remain unaffected; depreciate C) depreciate; remain unaffected D) depreciate; appreciate E) remain unaffected; remain unaffected