What is the effect of oil price hike to our daily living? economy?

<p>This is a complex question that requires a detailed response. Here's a step-by-step analysis of each scenario:</p> <ol> <li> <p>The price of oil increases: This would cause a leftward shift in the short-run aggregate supply (SRAS) curve, as production costs increase. The equilibrium price level would rise, output would decrease, and unemployment would increase.</p> </li> <li> <p>Firms are pessimistic about the future of the economy: This would cause a leftward shift in the aggregate demand (AD) curve, as firms reduce investment. The equilibrium price level and output would decrease, and unemployment would increase.</p> </li> <li> <p>Below-zero temperatures destroy agricultural output: This would cause a leftward shift in the SRAS curve, as the supply of agricultural products decreases. The equilibrium price level would rise, output would decrease, and unemployment would increase.</p> </li> <li> <p>The government lowers taxes on firms' profits: This would cause a rightward shift in the AD curve, as firms have more money to invest. The equilibrium price level and output would increase, and unemployment would decrease.</p> </li> <li> <p>There is a large rise in stock market prices: This would cause a rightward shift in the AD curve, as firms and consumers have more wealth and therefore spend more. The equilibrium price level and output would increase, and unemployment would decrease.</p> </li> <li> <p>The government eliminates subsidies on agricultural products: This would cause a leftward shift in the SRAS curve, as production costs for agricultural products increase. The equilibrium price level would rise, output would decrease, and unemployment would increase.</p> </li> <li> <p>A war destroys a portion of an economy's physical capital: This would cause a leftward shift in the SRAS curve, as the economy's productive capacity decreases. The equilibrium price level would rise, output would decrease, and unemployment would increase.</p> </li> <li> <p>Consumer confidence improves: This would cause a rightward shift in the AD curve, as consumers spend more. The equilibrium price level and output would increase, and unemployment would decrease.</p> </li> </ol> <p>Please note that these are general effects and the actual impact may vary depending on other factors in the economy.</p> ####

Which of these is the most likely consequence of falling petroleum prices?A.Increased interest in oil explorationB.Increased demand for electric carsC.More sales of traditional, large carsD.Less interest in public transportation

Discuss whether or not the discovery of oil in a country will benefit its economy

Cause: The Government has recently increased its takes on Petrol and diesel by about 10%.Which of the following can be a possible effect of the above cause? Petroleum companies will reduce the prices of petrol and diesel by about 10%Petroleum companies will increase the price of petrol and diesel by about 10%Petroleum companies will increase the prices of petrol and diesel by about 5% None of the above

For the economy of Alberta, a major oil exporter, an increase in the world price of oil would bemostlyA) supply inflation.B) a negative demand shock.C) a negative supply shock.D) a positive demand shock.E) a positive supply shock