What effect did the 1997 East Asian recession in countries such as South Korea, Indonesia, and Thailand have on the oil market?
A) The recession decreased income, made the world more dependent on oil, and increased oil demand and prices.
B) The recession led to high unemployment, and reduced the demand for driving and the supply of oil.
C) The recession decreased income, and reduced the demand for oil and oil prices.
D) The recession led to high unemployment, increased demand for Sunday driving, and higher oil prices.

Question

Quizplus · Accepted Answer

The 1997 East Asian recession led to decreased income and reduced demand for oil in countries such as South Korea, Indonesia, and Thailand. This decreased demand had a negative impact on oil prices.

What Effect Did the 1997 East Asian Recession in Countries