Suppose OPEC Unexpectedly Collapses, Which Leads to a Fall in the Price

question 53

Multiple Choice

Suppose OPEC unexpectedly collapses, which leads to a fall in the price of oil. As a result, the price level

• A)rises, and real GDP increases.
• B)rises, and real GDP decreases.
• C)falls, and real GDP increases.
• D)falls, and real GDP decreases.
• E)rises, and real GDP remains the same.

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Definitions:

Contingencies

Events or conditions that may occur but are dependent on other occurrences or conditions.

Backward Conditioning

A form of learning where a conditioned stimulus is presented after the unconditioned stimulus, usually less effective or confused with no learning.

Higher Order Conditioning

A form of learning in which a stimulus is first made meaningful or significant through classical conditioning and then used itself as a basis for learning about some new stimulus.

Primary Reinforcers

Innate reinforcing stimuli that satisfy basic biological needs or desires, such as food, water, and sleep, without learning.