The Result of the Supply Shocks of 1973-1974 Was to

question 21

Multiple Choice

The result of the supply shocks of 1973-1974 was to

• A)reduce aggregate output and raise the price level.
• B)reduce the price level and raise aggregate output.
• C)reduce both aggregate output and the price level.
• D)raise both aggregate output and the price level.

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Definitions:

Cognitive Dissonance

The mental discomfort experienced by an individual who holds two or more contradictory beliefs, ideas, or values at the same time, leading to a motivation for change.

IQ Scores

Numerical measurements that represent an individual's level of intelligence as compared with the statistical norm.

Integrated Regulation

A concept in self-determination theory where behavior is motivated by internal rewards and the process of assimilating regulations to oneself.

Internal Information

Data, insights, or knowledge that originates within an organization, system, or individual's own thoughts and experiences.