Which of the Following Events Occurred During the 1973-1974 Oil

question 134

Multiple Choice

Which of the following events occurred during the 1973-1974 oil crisis in the United States?

• A) Gas stations were ordered to be closed between 9 PM on Saturday and 12:01 AM on Monday.
• B) Daylight savings time was implemented.
• C) There were shortages of steel drilling equipment.
• D) All of the answers are correct.

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Definitions:

Comparative Advantage

The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than others.

Trade

Trade involves the exchange of goods or services between parties, which can be within a country or between countries.

Resources

Economic or productive factors required to accomplish an activity, or to provide a service or product, such as land, labor, and capital.

Opportunity Cost

The loss of potential gain from other alternatives when one alternative is chosen; the value of the next best alternative foregone.