Adverse shocks such as the crop failures of 1972-1973 and the oil price increases of 1974 and 1979 pushed the economy's
a. aggregate supply curve outward.
b. Phillips curve inward toward the origin.
c. aggregate supply curve inward.
d. aggregate demand curve inward.
c
You might also like to view...
Using the quantity equation, if the velocity of money grows at 5 percent, the money supply grows at 10 percent, and real GDP grows at 4 percent, then the inflation rate will be
A) 19 percent. B) 15 percent. C) 11 percent. D) 6 percent.
The "rules of the game" under the gold standard can best be described as which of the following:
A) selling domestic assets in a deficit and buying assets in a surplus. B) slowing down the automatic adjustments processes inherent in the gold standard. C) selling domestic assets in order to accumulate gold. D) selling foreign assets in a deficit and buying foreign assets in a surplus. E) selling domestic assets in a surplus.