Multiple Choice
The large increase in oil prices in the 1970s was caused primarily by a(n)
A) increase in demand for oil.
B) decrease in demand for oil.
C) decrease in the supply of oil.
D) increase in the supply of oil.
Correct Answer:

Verified
Correct Answer:
Verified
Related Questions
Q6: If the Fed wants to reverse the
Q7: In the 1970's the Federal Reserve responded
Q8: Figure 35-9.The left-hand graph shows a short-run
Q9: Suppose that a small economy that produces
Q11: In response to an adverse supply shock,suppose
Q13: A shock increases the costs of production.Given
Q14: In 1980,the U.S.misery index was<br>A)much higher than
Q15: Which of the following would cause the
Q85: If there is an increase in the
Q140: If there is an adverse supply shock