Suppose there is an oil supply shock to the U.S. economy due to an embargo by major oil producing nations. According to the real business cycle theory, the supply shock will, other things being equal
A) cause economy-wide deflation.
B) cause real Gross Domestic Product (GDP) to decline both in the short run and in the long run.
C) push the economy into an expansionary phase of the business cycle.
D) push real Gross Domestic Product (GDP) upward in the short run but downward in the long run.
Question 2
Which of the following economists first coined the concept of creative destruction?
A) Adam Smith B) Malthus
C) Joseph Schumpeter D) Paul Krugman
The trilobite body is divided into three major sections
The Major Cleavage Patterns of Animal Embryos
The crude oil refining showing most of the major steps and processes.
Major Effects of Thyroid Hormone in the Body
Pathophysiology of septic shock.
Bach, Minuet in G major, BWV Anh 114, Piano