If Oil Prices Increase Then, in the Short Run, Real

question 41

Multiple Choice

If oil prices increase then, in the short run, real GDP will ________ and the price level will________.

• A)decrease; rise
• B)decrease; fall
• C)increase; fall
• D)increase; rise

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Definitions:

Cost Estimates

Predictions or approximations of the expenses associated with a project, task, or purchase, often used in budgeting and planning.

Claim Messages

Communications asserting a right or demand for action or compensation, typically in the context of customer service or insurance.

Positive Manner

An approach or method characterized by optimism, constructiveness, or affirmative attitude.

Replacement

The act of substituting one item or person for another, often to fill a vacancy or to update with something newer or better.