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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