Significant changes in the price of major raw materials such as oil or agricultural goods are often referred to as
A) price ceilings.
B) supply shocks.
C) menu costs.
D) barometric spirals.
E) externalities.

Question

Quizplus · Accepted Answer

Significant changes in the price of major raw materials are referred to as supply shocks. These can have a significant impact on the overall economy, as they affect the cost of production for many different industries, and can lead to changes in inflation and overall economic growth.

Significant Changes in the Price of Major Raw Materials Such