In 1973 and Again in 1979, the Organization of Petroleum

question 256

Multiple Choice

In 1973 and again in 1979, the Organization of Petroleum Exporting Countries (OPEC) raised the world price of crude oil and increased their revenue as well. Which of the following is a true statement regarding these OPEC price hikes?

• A) Their revenue increased because the demand for oil was income inelastic.
• B) Their revenue increased because the demand for oil was price inelastic.
• C) Their revenue would have increased regardless of income elasticity or price elasticity because oil is an imported product for most nations.
• D) Their revenue only increased because oil was already very expensive.

Recognize the value of data, evidence, and logical argumentation in supporting proposal claims.

Learn how to craft a compelling executive summary.

Understand the importance of answering potential questions and addressing concerns within the proposal.

Recognize the difference between competitive and noncompetitive proposals and their strategic considerations.

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Definitions:

Public Housing

Government-provided housing aimed at offering affordable living spaces to individuals and families with low to medium income.

Physically Demanding Job

Employment that requires a high level of physical effort, endurance, and strength, often involving manual labor.

Productivity

The efficiency at which goods and services are produced, often measured by output per unit of input over a specific period.

Destabilizing Forces

Factors or elements that threaten the stability or balance of systems, organizations, or societal conditions.