In Macroeconomic Terms, an Increase in the Price of Imported

question 82

Multiple Choice

In macroeconomic terms, an increase in the price of imported oil or a decrease in the availability of oil is an example of a ________.

• A) demand shock
• B) supply shock
• C) monetary shock
• D) refinery shock

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Definitions:

Organizations

Groups or entities with a specific purpose, structure, and system of governance, formed to achieve collective goals.

Legitimate Authority

A type of power that is recognized and accepted by individuals and society as rightful and just, often based on laws, norms, or traditions.

Authority Types

Various forms of power and control recognized in sociology, including traditional, legal-rational, and charismatic authority.

Tension

A state of mental or emotional strain, often arising from situations of conflict or opposition within social contexts.