In the 1970s OPEC Generated High Prices for Oil but Could

question 164

True/False

In the 1970s OPEC generated high prices for oil but could not sustain this in the mid-80s and 90s.The reason was that both the supply and demand elasticity for oil is less elastic in the short run than in the long run.

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Definitions:

Theory Of Mind

The ability to attribute mental states—beliefs, intents, desires, emotions, knowledge—both to oneself and to others, and to understand that others have beliefs, desires, and intentions that are different from one's own.

Head Start Program

A system within the United States aimed at delivering broad early childhood educational, healthcare, nutritional, and parental participation support to underprivileged children and their families.

Benefits

Advantages or favorable effects resulting from a specific action or condition.

Vygotsky

A psychologist known for his work on socio-cultural theory, emphasizing the importance of social interaction in cognitive development.