When Norway Began Producing Oil, Which of the Following Events

question 46

Multiple Choice

When Norway began producing oil, which of the following events did NOT occur?

• A) There was an increase in Norway's capital stock.
• B) There was an increase in foreign investment in Norway.
• C) There was a decline in consumption to finance the investment.
• D) There was a current accounts deficit in Norway.

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Definitions:

Clothes Dryers

Household appliances designed for removing moisture from clothing and textiles after they have been washed.

Net Exports

The value calculated by subtracting a country's total value of imports from its total value of exports; positive net exports indicate a trade surplus, while negative net exports indicate a trade deficit.

Import Quota

This is a restriction by a country on the quantity of a good that can be imported, aimed at protecting domestic industries from foreign competition.

Tariffs Decreased

Refers to a reduction in taxes imposed on imported goods, which can lead to increased trade between countries and potentially lower prices for consumers.