An economic shock refers to a sudden and unexpected event that has significant effects on the economy.
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I. Stock market crash - This can lead to a loss of wealth, decreased consumer confidence, and a reduction in spending, which would qualify as an economic shock.
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II. Natural disaster - This can cause destruction of property, disruption of businesses, and loss of life, leading to significant economic impacts, qualifying it as an economic shock.
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III. Increase in exports - Generally, an increase in exports is seen as a positive economic development and would not typically be categorized as an economic shock.
Based on this analysis, the correct answer is D. I and II only.