All of the Following Events Represent a Supply Shock Except

question 42

Multiple Choice

All of the following events represent a supply shock except:

• A) a change in the minimum wage.
• B) the repeal of government controls on prices.
• C) the introduction of automatic teller machines.
• D) a decrease in world oil prices.

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Definitions:

Western Colonialism

The process by which Western powers established their dominance and control over other regions and peoples, often characterized by settlement, exploitation, and economic extraction.

Hegemony

Dominance of one social group over others, often achieved through cultural, ideological, or economic means, without the need for overt force.

Neo-Liberalism

An economic and political ideology and policy model that emphasizes the value of free-market competition, minimizing state intervention in the economy.

Sweeping Generalization

A broad and oversimplified conclusion or statement that does not account for exceptions or differences.