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
Teres Major & Teres Minor
Cerebral angiography. The four angiograms each reveal the distribution of blood vessels supplying th
6-8 Earth’s Major Tectonic Plates
Language is the basis of human culture around the world. The past decade has seen major developments ...
A Tough Economy ...for students
Vitamin K plays a major role in blood coagulation, or clotting