Which of the Following Was NOT a Reason Why OPEC

question 140

Multiple Choice

Which of the following was NOT a reason why OPEC failed to keep the price of oil high?

• A)over the long run, producers of oil outside of OPEC responded to high prices by increasing oil exploration and by building new extraction capacity
• B)consumers responded to higher prices with greater conservation
• C)consumers replaced old inefficient cars with newer efficient ones
• D)the agreement OPEC members signed allowed each country to produce as much oil as each wanted

Distinguish between linear, integer, and nonlinear optimization models.

Utilize Solver and other optimization tools effectively for business decision-making.

Understand the importance of sensitivity analysis in optimization problems.

Grasp fundamental ideas around constraints and objective functions in optimization problems.

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Definitions:

Recessions

A season of ephemeral economic retreat, observed through decreased levels of commerce and industrial production, commonly distinguished by a fall in GDP in consecutive quarters.

Unemployment Rate

The percentage of the workforce that is unemployed and in active search of employment opportunities.

Economic Expansion

A phase of the business cycle where the economy grows and experiences increased levels of production, employment, and consumer spending.

Stagflation

A situation in an economy where inflation rates are high while economic growth rate slows down and unemployment remains steadily high.