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.