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    Principles of Macroeconomics Study Set 8
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    Exam 22: The Short Run Trade Off Between Inflation and Unemployment: Shifts in the Phillips Curve the Role of Supply Shocks
  5. Question
    The Large Increase in Oil Prices in the 1970s Was
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The Large Increase in Oil Prices in the 1970s Was

Question 10

Question 10

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.

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