
Economic Impacts of Supply Shocks

Interactive Video
•
Business
•
11th - 12th Grade
•
Hard

Patricia Brown
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of inflation is illustrated by the 1973 oil crisis?
Deflation
Hyperinflation
Cost-push inflation
Demand-pull inflation
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How did the 1973 oil crisis affect the price of oil?
It doubled
It remained stable
It decreased by 50%
It increased by 300%
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What was a significant impact of the 1973 oil crisis on global economies?
Damage to both developed and developing economies
Stabilization of oil prices
Increased employment
Economic growth
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What recent event is considered a supply shock similar to the 1973 oil crisis?
The 2008 financial crisis
The COVID-19 pandemic
The 2000 dot-com bubble
The 1997 Asian financial crisis
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How did the COVID-19 pandemic disrupt global supply chains?
By increasing oil production
By causing factory shutdowns
By reducing consumer demand
By stabilizing global markets
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to real GDP during a supply shock like the 1973 oil crisis?
It fluctuates unpredictably
It decreases
It remains unchanged
It increases significantly
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the effect on unemployment during a supply shock?
Unemployment is unaffected
Unemployment decreases
Unemployment remains stable
Unemployment increases
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