Multiple Choice
Which of the following changes best represents the effect of the oil embargo (a shut-off of oil from certain OPEC countries) of the 1970s on the U.S. economy?
A) a leftward shift of the long-run aggregate supply curve
B) a rightward shift of the long-run aggregate supply curve
C) a leftward shift of the aggregate demand curve
D) a rightward shift of the aggregate demand curve
E) a downward movement along a given aggregate demand curve
Correct Answer:
Verified
Correct Answer:
Verified
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