Following the Sharp Increases in Oil Prices in the United

question 108

Multiple Choice

Following the sharp increases in oil prices in the United States caused by the OPEC oil embargo of 1973-1974, U.S.automakers started building smaller, more fuel-efficient cars.This development caused the

• A)demand curve for oil to shift out.
• B)demand curve for oil to shift in.
• C)supply curve of oil to shift out.
• D)supply curve of oil to shift in.

Analyze the effects of free trade and tariffs on market prices, quantities, and producer outcomes.

Understand how international trade agreements and policies affect national economies and global trade dynamics.

Evaluate the economic implications of trade policies on domestic industries and employment.

Understand the effects of tariffs and free trade on domestic supply and demand.

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Definitions:

Müller-Lyer Illusion

A visual illusion in which lines of equal length appear to be of different lengths due to the addition of inward or outward facing arrowheads at the ends of the lines.

Horizontal-Vertical Illusion

A visual illusion where horizontal segments appear longer than vertical segments of the same length due to perceptual biases.

Change-Blindness Task

A method in psychology used to measure the tendency to not notice large changes in one's visual field when distracted by other tasks or attentional shifts.

Japanese

The language spoken by the people of Japan, characterized by its complex system of honorifics and its use of three scripts (Kanji, Hiragana, and Katakana).