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 additional benefits that arise by using an additional unit of the managerial control variable is defined as the:
A. opportunity cost. B. marginal benefit. C. total benefit. D. present value of benefits.
A transfer payment is a payment by the government to an individual
A) for a service. B) for an investment good. C) for a consumption good. D) for which the government does not receive a good or service in return. E) for a debt owed.
In the above table, when output is 8 units, average variable costs are
A. $4.50. B. $3.50. C. $1.25. D. $4.75.
If a bank's net worth is negative, then the bank definitely is
A) liquid. B) insolvent. C) illiquid. D) solvent.