As a result of OPEC ________ oil prices in 1973 and 1980,real GDP in United States ________.
A)increasing;increased
B)increasing;decreased
C)decreasing;increased
D)decreasing;decreased
E)increasing;did not change

Question

Quizplus · Accepted Answer

OPEC increasing oil prices in 1973 and 1980 led to an increase in inflation, which caused a decrease in real GDP in the United States. This is because higher oil prices increase production costs, which reduces output and employment, leading to a decline in economic activity.

As a Result of OPEC ________ Oil Prices in 1973