When OPEC caused the price of oil to rise in the early 1970s,the:
A) aggregate supply curve shifted to the right.
B) aggregate supply curve shifted to the left.
C) the aggregate demand curve shifted to the right.
D) aggregate demand curve shifted to the left.
E) price level in the economy fell.
Correct Answer:
Verified
Q92: In the United States during the 1960s,
Q133: When the economy is experiencing high inflation
Q134: Exhibit 14-4 Aggregate supply and demand curves
Q136: Demand-pull inflation is associated with a(n):
A) decrease
Q137: Cost-push inflation occurs when the:
A) aggregate demand
Q139: Exhibit 14-3 Aggregate supply and demand curves
Q140: _ inflation can be explained by an
Q141: Exhibit 14-4 Aggregate supply and demand curves
Q142: Exhibit 14-7 Aggregate supply and demand curves
Q143: The aggregate demand curve is downward sloping.
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