The Discovery of a Large Amount of Previously-Undiscovered Oil in the U.S.would

question 50

Multiple Choice

The discovery of a large amount of previously-undiscovered oil in the U.S.would shift

• A)the long-run aggregate-supply curve to the right.
• B)the long-run aggregate-supply curve to the left.
• C)the aggregate-demand curve to the left.
• D)None of the above is correct.

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Definitions:

Income Taxes

Taxes imposed by governments on the income generated by individuals, corporations, and other entities, varying according to income level and type.

IFRS 1

The International Financial Reporting Standard that outlines the necessary steps for an entity to ensure its financial statements are IFRS-compliant for the first time.

First-Time Adopters

Entities that are implementing certain accounting standards for the first time in their financial reporting.

Reconciliations

The process of ensuring that two sets of records, usually the balances of two accounts, are in agreement.