In macroeconomic terms, an increase in the price of imported oil or a decrease in the availability of oil is an example of a ________.
A) demand shock
B) supply shock
C) monetary shock
D) refinery shock

Question

Quizplus · Accepted Answer

An increase in the price of imported oil or decrease in availability would disrupt the supply of oil, making it a supply shock in macroeconomic terms. Demand shock would refer to a change in consumer spending behavior, monetary shock refers to changes in the money supply, and refinery shock would refer to an issue specific to the refining process.

In Macroeconomic Terms, an Increase in the Price of Imported