Oil Prices Dropped Sharply from a Peak of US$147 Per

Multiple Choice

Oil prices dropped sharply from a peak of US$147 per barrel in August 2008 to a low price of US$30 by the end of the same year. This resulted in a sharp decrease in Arab Gulf government's revenues. These governments responded by:

A) increasing government spending to overcome a recession.
B) it was not clear how these governments responded.
C) reducing government spending because of the crisis.
D) keeping government spending in its level before the crisis.