The oil price shocks of the 1970s demonstrated that business-cycle fluctuations are not solely a function of discretionary government policy.

Name: The oil price shocks of the 1970s demonstrated that business-cycle fluctuations are not solely a function of discretionary government policy.
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The oil price shocks of the 1970s were external shocks that affected the economy, demonstrating that business-cycle fluctuations can also be caused by factors beyond government policy.

The Oil Price Shocks of the 1970s Demonstrated That Business-Cycle