In 1973,the Organization of Petroleum Exporting Countries (OPEC)engineered a Quadrupling

question 45

Multiple Choice

In 1973,the Organization of Petroleum Exporting Countries (OPEC) engineered a quadrupling of oil prices by restricting oil production.Which of the following is an appropriate description of this negative supply shock?

• A)The AS curve likely shifted to the left and output likely fell because of this adverse shock.
• B)In the short-run there was a movement out of general equilibrium leading to an increase in inflation as a likely result of this adverse shock.
• C)In the short-run there was a movement out of general equilibrium leading to an increase in unemployment as a likely result of this adverse shock.
• D)all of the above
• E)none of the above

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Definitions:

Involuntary Dissolution

Involuntary Dissolution refers to the legal termination of a corporation's existence initiated by the state, creditors, or other external parties, not by the corporation's owners or members.

Fundamental Changes

Refers to significant alterations in the operations, structure, or policies of a company, often requiring shareholder approval.

Corporate Assets

Resources or items of value owned by a company, including physical assets, intellectual property, and financial assets.

Eligible Entity

A term referring to an organization or individual that meets specific qualifications or criteria to participate in a program or activity.