Multiple Choice
The increase in world oil prices in 1990 initially
A) caused the AS curve to shift upward as wage rates quickly adjusted
B) increased the level of GDP associated with high price levels
C) shifted the aggregate expenditure line upward
D) caused the AS curve to shift upward due to higher costs per unit of output
E) caused the AD curve to shift leftward due to an increasing interest rate
Correct Answer:
Verified
Correct Answer:
Verified
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