In 2005 Hurricane Katrina Devastated Large Portions of the Gulf

question 54

Multiple Choice

In 2005 hurricane Katrina devastated large portions of the Gulf Coast economy.Many refineries went offline disrupting oil refining and distribution.What do you think was a likely result?

• A)the restricted supply constituted a cost push shock that would have shifted the long run AS curve to the right
• B)the restricted supply constituted a cost push shock that would have shifted the short run AS curve to the left
• C)the restricted supply constituted a cost push shock that would have meant an upward movement along the Phillips curve
• D)all of the above
• E)none of the above

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Definitions:

Cognitive Biases

Systematic patterns of deviation from norm or rationality in judgment, where individuals create their own "subjective social reality."

Authenticity

The quality of being genuine or real; in digital contexts, it often refers to content or personas that are perceived as true to their origins, values, or intentions.

Social Commerce

The use of social network sites to mediate and facilitate online buying and selling of products and services.

Organic Word-Of-Mouth

Natural and unpaid spread of information and recommendations about a product or service among consumers.