In Macroeconomic Terms, an Increase in the Price of Imported

question 82

Multiple Choice

In macroeconomic terms, an increase in the price of imported oil or a decrease in the availability of oil is an example of a ________.

• A) demand shock
• B) supply shock
• C) monetary shock
• D) refinery shock

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Definitions:

Master Budget

An all-encompassing financial planning document that consolidates all of an organization's budgets for sales, production, overhead, and cash flow.

Materials Budget

An estimate of the cost of raw materials required for production over a specific period.

Budgeted Production

An estimate of the number of units that must be produced during a specific period to meet expected sales and inventory levels.

Material Costs

The costs associated with the raw materials and components used in creating a product.