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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Regarding the frustration of purpose doctrine, which of the following statements is true?
a. the purpose for which seller entered into the contract has become illegal b. the purpose for which buyer entered into the contract has become illegal c. the purpose of the contract has become illegal d. the contract no longer facilitates deferred exchange
In the United States, imports have exceeded exports in every year since 1979
a. True b. False
If the short-run Phillips curve has a very steep slope, the
a. structural deficit will grow during inflation. b. structural deficit will fall during recession. c. inflation costs of reducing unemployment are relatively low. d. inflation costs of reducing unemployment are relatively high.
Market power refers to the
a. power of a single person or small group to influence market prices. b. ability of a person or small group to successfully market new products. c. power of the government to regulate a market. d. importance of a certain market in relation to the overall economy.