Asked by
Maddie Bizzieri
on Nov 16, 2024
Verified
Refer to Scenario 35-1. In the short run the increased prices of world commodities
A) raised both the price level and output.
B) raised the price level and reduced output.
C) reduced the price level and raised output.
D) reduced both the price level and output.
World Commodities
Raw materials or primary agricultural products that are traded on a global scale, which can include oil, gold, wheat, and coffee.
Price Level
The current mean value of prices for every good and service available in the economy.
Output
The total amount of goods or services produced by a person, machine, business, or country.
- Ascertain the consequences of supply disturbances on the economy's production, price levels, and the Phillips curve.
- Explore the effects of external variables like fluctuations in oil prices and financial crises on inflation and unemployment.
Verified Answer
KB
Learning Objectives
- Ascertain the consequences of supply disturbances on the economy's production, price levels, and the Phillips curve.
- Explore the effects of external variables like fluctuations in oil prices and financial crises on inflation and unemployment.