When OPEC raised the price of oil in 2000 (gasoline prices were $2 per gallon), it contributed to
a. demand-pull inflation
b. cost-push inflation
c. demand-push inflation
d. cost-pull inflation
e. cost-push deflation
B
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Refer to the above figure. A movement from B to C would be NOT be the result of
A) an increase in worker productivity. B) an increase in foreign income levels. C) an increase in government spending. D) an increase in consumption spending.
Erin and Deidre, two residents in Ithaca, New York, are planning a trip to Boston. Erin, the sales manager for a large retailer, has to attend a business meeting
Deidre, a college student on vacation, is planning a leisurely trip to visit friends and relatives. Whose demand curve for air travel is likely to be more elastic? A) Deidre B) Erin C) There is no difference in their price elasticities of demand. D) The elasticity of the demand curves for Erin and Deidre cannot be determined without more information.