Long Lines and Gasoline Shortages During the 1970s Can Be

question 192

True/False

Long lines and gasoline shortages during the 1970s can be attributed completely to the decision by OPEC to raise crude oil prices.

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Definitions:

Federal Government

The federal government is the national government of a federation, responsible for national affairs, and typically characterized by a division of powers with regional governments.

Recession

An interval of economic deceleration, involving a fall in business and industrial activities, often recognized by a drop in GDP across two sequential quarters.

Sharp Recession

A severe and rapid downturn in economic activity.

Unemployment Rate

The fraction of the total employment market that remains without work but is eagerly searching for jobs and is willing to be employed.