Multiple Choice
The oil price explanation of the slowdown in economic growth after 1973 is inconsistent with which of the following facts?
A) Prices of used capital goods that were dependent on oil did not drop sharply when oil prices increased.
B) The productivity slowdown began just as oil prices were quadrupled in 1973.
C) The productivity slowdown occurred in all industrial countries.
D) Industry-by-industry analysis of the impact on oil prices bears out the damage done by the oil price increases.
Correct Answer:
Verified
Correct Answer:
Verified
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