A Decrease in the Price of Foreign Oil

question 3

Multiple Choice

A decrease in the price of foreign oil

• A) shifts the short-run Phillips curve downward, and makes the unemployment inflation trade-off less favourable.
• B) shifts the short-run Phillips curve upward, and makes the unemployment inflation trade-off less favourable.
• C) shifts the short-run Phillips curve upward, and makes the unemployment inflation trade-off more favourable.
• D) shifts the short-run Phillips curve downward, and makes the unemployment inflation trade-off more favourable.

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Definitions:

Computer Programmer

A professional who writes, tests, and maintains the code that allows computer applications and software programs to function.

Perform Poorly

To achieve results that are below expectations or standards in a given task or activity.

Ultimatum Game

A game in economic experiments where two players decide on how to divide a sum of money; the proposer suggests a split, and the responder can accept or reject it.

Decider

The person responsible for making decisions, especially in contexts where multiple individuals or groups may be affected.