Sharp increases by OPEC in oil prices and crop failures around the world reduced aggregate supply, which sparked another outward shift of the Phillips curve _____
A) in 1974.
B) in 1984.
C) during the 1960s.
D) during the 1970s.
E) during the early 1980s.

Question

Quizplus · Accepted Answer

The sharp increases in oil prices by OPEC and crop failures that reduced aggregate supply occurred in 1974, leading to an outward shift of the Phillips curve.

Sharp Increases by OPEC in Oil Prices and Crop Failures