The Increase in World Oil Prices in 1990 Initially

question 88

Multiple Choice

The increase in world oil prices in 1990 initially

• A) caused the AS curve to shift upward as wage rates quickly adjusted
• B) increased the level of GDP associated with high price levels
• C) shifted the aggregate expenditure line upward
• D) caused the AS curve to shift upward due to higher costs per unit of output
• E) caused the AD curve to shift leftward due to an increasing interest rate

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Definitions:

Delphi Technique

A method of group communication and decision-making using a series of questionnaires to gather information and opinions from experts, aimed at reaching a consensus.

Rational Decision-Making Technique

A systematic process of defining problems, evaluating alternatives, and choosing optimal solutions based on logical and objective analysis.

Nominal Group Technique

A structured method for group brainstorming that encourages contributions from everyone and is used to generate and prioritize ideas.

Brainstorming

A method of generating creative ideas by encouraging free thought and discussion within a group.