In 1973 and Again in 1979, the Organization of Petroleum

question 243

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.

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Definitions:

Head of Femur

The rounded, proximal end of the femur (thigh bone) that articulates with the acetabulum of the pelvis, forming the hip joint.

Anterior Cruciate Ligament

A key ligament located inside the knee joint that connects the thigh bone to the shin bone, crucial for stabilizing the knee.

Lateral Collateral Ligament

A ligament located on the lateral (outer) side of the knee, providing stability to the outer knee joint.