Other Things Being Equal,if World Oil Prices Increased by 70

question 29

Multiple Choice

Other things being equal,if world oil prices increased by 70 percent then the most likely effect would be to:

• A) shift the aggregate demand curve right.
• B) shift the aggregate supply curve right.
• C) shift the aggregate supply curve left.
• D) shift the aggregate demand curve right and the aggregate supply curve left.

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Definitions:

Occurrences

Instances or events that happen, often counted in statistical analyses to measure frequency; not specifically a key term without context, thus NO.

Observations

The recorded data or measurements obtained during an experiment or study.

Chi-square Test

A statistical test used to determine whether there is a significant association between two categorical variables.

Expected

A term often used in statistics and probability, referring to the predicted outcome or value in an experiment or random event.