The Short-Run Business Cycle Framework Focuses Primarily on Factors

question 8

Multiple Choice

The short-run business cycle framework focuses primarily on factors:

• A)affecting demand.
• B)affecting supply.
• C)affecting both supply and demand.
• D)other than supply and demand.

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Definitions:

SUVs

Sport Utility Vehicles; a category of motor vehicles that combine elements of road-going passenger cars with features from off-road vehicles, such as raised ground clearance and four-wheel drive.

Comparative Advantage

The ability of a country, individual, company, or region to produce a good or service at a lower opportunity cost than competitors.

Petroleum

A naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons and other organic compounds, used primarily as fuel and in the production of various chemicals.

Crude Oil

A naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials, used as a fuel and raw material in chemical industries.