Multiple Choice
The three oil shocks the U.S.experienced in 1973-1974,1979-1980 and 2007-2008 had which of the following consistent results?
A) a decline in real wages due to an upward shift of the production function
B) an increase in the rental price of capital along with a healthy stock market response
C) a decline in real wages due to a downward shift of the MPL curve
D) an increase in the rental price of capital due to an upward shift of the production function
E) none of the above
Correct Answer:
Verified
Correct Answer:
Verified
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