When OPEC Raised the Price of Crude Oil in the 1970s

question 232

Multiple Choice

When OPEC raised the price of crude oil in the 1970s, it caused the

• A)demand for gasoline to increase.
• B)demand for gasoline to decrease.
• C)supply of gasoline to increase.
• D)supply of gasoline to decrease.

---

Definitions:

Costs

The amounts of money required for the production of goods or services, or the operation of a company or organization.

Formulate HR Policy

The process of developing guidelines and regulations for managing an organization’s human resources.

Decertified

The process by which a labor union loses its official status as the representative of employees in a workplace or organization.

Bargaining Unit

A group of employees with a clear and identifiable community of interests who are represented collectively in negotiations with their employer.