Hurricane Katrina destroyed oil and natural gas refining capacity in the Gulf of Mexico. This subsequently drove up natural gas, gasoline, and heating oil prices. As a result, this should
A) shift the short-run aggregate supply curve to the right.
B) shift the short-run aggregate supply curve to the left.
C) move the economy down along a stationary short-run aggregate supply curve.
D) move the economy up along a stationary short-run aggregate supply curve.
B
Economics
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Will an increase in the minimum wage create more unemployment if the supply and demand for labor are highly elastic or highly inelastic?
What will be an ideal response?
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During recessions investment
a. falls by a larger percentage than GDP. b. falls by about the same percentage as GDP. c. falls by a smaller percentage than GDP. d. falls but the percentage change is sometimes much larger and sometimes much smaller.
Economics