When Oil Prices Increased to Record Levels in the 1970s

question 151

Multiple Choice

When oil prices increased to record levels in the 1970s, salaries dramatically increased for petroleum geologists skilled in finding oil. Those geologists who moved from other areas to the higher paying jobs were

• A) seeking to profit from society's needs rather than following the guidance of the invisible hand, which would have led them to seek jobs serving society rather than jobs with higher pay.
• B) following the guidance of the invisible hand and probably serving society's best interests as well as their own.
• C) causing oil prices to rise even more by moving to jobs with higher salaries.
• D) helping themselves but hurting the economy.

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Definitions:

Work Preference

An individual's inclination or desire towards a certain type of work environment, task, or job role.

Reward System

A structured mechanism within organizations designed to recognize and reward employee performance and behavior.

Organizational Culture

The set of shared values, beliefs, norms, and practices that characterizes an institution or organization.

Learns About

The process of acquiring knowledge or understanding of a subject or skill.