Suppose There Is a Temporary Increase in the Price of Oil

question 170

Multiple Choice

Suppose there is a temporary increase in the price of oil. This is represented by

• A) a leftward shift of the SAS curve.
• B) a rightward shift of the SAS curve.
• C) a leftward shift of the SAS and the LAS curve.
• D) a leftward shift of the LAS curve.

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Definitions:

Population Standard Deviation

A measure of the dispersion of all values in the entire population from the mean of the population.

Confidence Interval

A range of values that is believed to contain an unknown population parameter, calculated from a given set of sample data.

Sample Variance

A statistical measure of the dispersion of observations in a sample dataset around the sample mean.

T Distribution

A family of probability distributions that can be used to develop an interval estimate of a population mean whenever the population standard deviation s is unknown and is estimated by the sample standard deviation s.