Since 1979, the price of crude oil in real terms
a. has fluctuated but the overall trend has been downward.
b. rose during 1980-2000 . but the price trend has been downward since 2000.
c. declined throughout most of the 1980s and 1990s, but in 2011 the price was once again higher than the level of 1980.
d. all of the above are true.
C
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as 
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting upward C. Short-run aggregate supply shifting downward D. Aggregate demand shifting leftward
In the early 1980s, rising interest rates caused a tremendous __________ in the value of savings-and-loan __________
A) inflow; liabilities B) inflow; assets C) outflow; liabilities D) outflow; assets
During recessions, the value of collateral decreases and corporate profits decrease, so firms do not have cash to finance new investment projects. Therefore, credit rationing depends on the state of the economy. This situation is known as the
A) risk acceptance cost. B) lender's dilemma. C) default premium. D) financial accelerator.
When comparing the autonomous expenditure multiplier in a closed-economy model to the autonomous expenditure multiplier in an open-economy model it can be concluded that
a. the multiplier in the open-economy model will be larger than in the closed-economy model. b. the multiplier in the open-economy model will be smaller than in the closed-economy model. c. both multipliers are the same. d. None of the above.