The Price of a Barrel of Oil Doubled Between 2007

question 61

Multiple Choice

The price of a barrel of oil doubled between 2007 and the middle of 2008. To make matters worse,a financial crisis hit the U.S. economy starting in August of 2007. Which of the following is an appropriate description of the mechanism that would have ensued?

• A)The increase in the price of oil would have immediately shifted the AS curve to the right.
• B)The financial crisis would have led to a sharp contraction in spending shifting the AD curve to the right.
• C)Shifts in both the AD and the AS curve would have ensued in the short-run but as long as neither shock had an impact on potential output,ultimately unemployment will have been unaffected in the long run.
• D)All of the above.
• E)None of the above.

Describe joint types and their movements for understanding basic human mechanics.

Understand the role and function of major cell types in the development and maintenance of bone.

Understand the structure and function of different bones in the human skeleton.

Identify and describe the types of joints and their functional characteristics.

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Definitions:

Average Fixed Cost

The steady expenditure in manufacturing, divided by the total output generated.

Fixed Costs

Costs that do not change with the level of output or sales, such as rent, salaries, and insurance.

Birthday Cakes

Customarily decorated cakes made to celebrate and serve as a centerpiece during birthday festivities.

Marginal Cost

The increase in total cost that arises from producing one additional unit of a good or service, reflecting the cost of producing that marginal unit.