Adverse Shocks Such as the Crop Failures of 1972-1973 and the Oil

question 24

Multiple Choice

Adverse shocks such as the crop failures of 1972-1973 and the oil price increases of 1974 and 1979 pushed the economy's

• A)aggregate supply curve outward.
• B)Phillips curve inward toward the origin.
• C)aggregate supply curve inward.
• D)aggregate demand curve inward.

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Definitions:

Manufacture Cycle

This term, likely intending to mean "Manufacturing Cycle," describes the complete process from obtaining raw materials to the delivery of the finished goods.

Product Quality

The characteristics of a product that determine its ability to meet the needs or expectations of customers, including durability, functionality, and appearance.

Internal Business

Business activities and processes that occur within a company, focusing on internal operations and strategies.

Financial Outcomes

The results of financial decisions or activities, often reflected in financial statements, profitability, or liquidity measures.