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
You might also like to view...
The requirement that people in similar situations be treated similarly is called
A) the big tradeoff. B) the symmetry principle. C) utilitarianism. D) efficiency.
If there is a decrease in world taxes ________
A) domestic investment would fall B) net exports would increase C) domestic interest rates would go up D) all of the above E) none of the above
If the United Auto Workers' Union obtained a 15 percent increase in the wages of its workers, employment in the auto industry would most likely fall if
a. the demand for American-made automobiles was highly inelastic. b. American consumers considered foreign automobiles a poor substitute for American-made automobiles. c. the demand for American-made automobiles was highly elastic. d. the demand for American-made automobiles was increasing.
Which of the following identifies a major force that can intensify an international financial crisis?
A. Dispute settlement procedures at the International Monetary Fund B. Global contagion C. Current account convertibility D. A persistent negative output gap