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:

Likert Scales

A psychometric scale commonly involved in research that employs questionnaires, used for assessing attitudes or opinions by allowing respondents to rate their level of agreement.

Connotative Meanings

The emotional or cultural associations attached to words beyond their literal definitions, influencing perception and interpretation.

Interview Surveys

A research method involving the structured questioning of individuals to gather qualitative and quantitative data.

Response Rates

The percentage of people who reply to a survey or query out of the total number of people who were asked.