Congratulations! you have been appointed an economic policy adviser to the united states. you are told that the economy is significantly below its potential output and that the following will happen next year: world income will fall significantly and the price of oil will rise significantly. (the united states is an oil importer.)

a. what will happen to the price level and output?

price level increases and output may increase or decrease.
price level may increase or decrease and output decreases.
price level may increase or decrease and output increases.
price level decreases and output may increase or decrease.

Kendra knight took part in a friendly game of touch football. she had played before and was familiar with football. michael jewett was on her team. in the course of play, michael bumped into kendra and knocked her to the ground. he stepped on her hand, causing injury to a little finger that later required its amputation. she sued michael for damages. he defended on the ground that she had assumed the risk. kendra claimed that assumption of risk could not be raised as a defense because the state legislature had adopted the standard of comparative negligence. what happens if contributory negligence applies? what happens if the defense of comparative negligence applies?