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Adverse Shocks Such as the Crop Failures of 1972-1973 and the Oil

Question 24

Multiple Choice

Adverse shocks such as the crop failures of 1972-1973 and the oil price increases of 1974 and 1979 pushed the economy's

A) aggregate supply curve outward.
B) Phillips curve inward toward the origin.
C) aggregate supply curve inward.
D) aggregate demand curve inward.

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