Asked by Jasmine Collymore on Jul 03, 2024
Verified
Which of the following would not be considered a supply shock?
A) a change in the price of imported oil
B) frost damage to the orange crop
C) a change in the level of education of the average worker
D) an increase in the level of government spending
Supply Shock
An unexpected event that suddenly changes the supply of a product or commodity, resulting in an unexpected change in price.
Imported Oil
Oil that is produced outside of one's home country and brought in through international trade agreements for consumption or use.
Government Spending
Expenditures by government agencies on goods and services that influence the economy.
- Understand the fundamentals of supply and demand shocks within the field of economics.
Verified Answer
Learning Objectives
- Understand the fundamentals of supply and demand shocks within the field of economics.
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