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
Economics
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Convergence means that
A) if poor countries grow fast, then fast growing countries are poor. B) all countries grow at the same rate. C) all countries tend towards the same per capita income. D) the savings rate is positively related to per capita income.
Economics
The number of workers employed will not change as a result of an increase in productivity when which of the following occurs?
A) The AS curve shifts downward. B) Output growth exceeds productivity growth. C) Productivity growth is equal to output growth. D) The AD curve shifts to the right. E) none of the above
Economics