According to this Application, the recession in 1981 was caused by
A) the government cutting back on aggregate demand to reduce inflation.
B) increasing oil prices which resulted in a decrease in aggregate supply.
C) massive immigration from Europe to the United States.
D) an decrease in aggregate supply resulting from U.S. bank collapses.
A
Economics
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Events that arise spontaneously and unpredictably, often as a result of changes in consumer and business confidence regarding the economy, are called
A) supply shocks. B) demand shocks. C) recessions. D) externalities.
Economics
Refer to the scenario above. The winner of this auction will earn a consumer surplus of ________
A) $450 B) $50 C) $150 D) $100
Economics