7 Which TWO of the following claims did Arthur Burns NOT make about the effects of high oil prices?(To receive credit, you must select two choices, and both must be correct.)OPEC members had surpluses of cash, much of which was invested in short-term holdings in Europe and the USbanks in the US could become too vulnerable to possible rapid withdrawals of very large deposits from the small group of OPEC membersthe Nixon administration was proposing that oil-importing countries cooperate to decrease the price of oildemand for energy-saving equipment and alternative sources of energy were risingthe purchase of US government debt by OPEC members who were "recycling" dollars was mostly beneficial to the USthe world economy would be better off if OPEC members kept their funds in short-term holdings, rather than in long-term investmentsinflation was rising throughout the industrialized world (especially Japan).reliance on oil for use in fertilizers created possibility of famine in poor agricultural economies True or False? In his 1974 statement assigned asa reading, Arthur Burns argued that increases inoil prices were primarily due to changes indemand, rather than changes in supply.O TrueFalse

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Answered: True or False? In his 1974 statement…

True or False? In his 1974 statement assigned as a reading, Arthur Burns argued that increases in oil prices were primarily due to changes in demand, rather than changes in supply. True False

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Which TWO of the following claims did Arthur Burns NOT make about the effects of high oil prices?
(To receive credit, you must select two choices, and both must be correct.)
OPEC members had surpluses of cash, much of which was invested in short-term holdings in Europe and the US
banks in the US could become too vulnerable to possible rapid withdrawals of very large deposits from the small group of OPEC members
the Nixon administration was proposing that oil-importing countries cooperate to decrease the price of oil
demand for energy-saving equipment and alternative sources of energy were rising
the purchase of US government debt by OPEC members who were "recycling" dollars was mostly beneficial to the US
the world economy would be better off if OPEC members kept their funds in short-term holdings, rather than in long-term investments
inflation was rising throughout the industrialized world (especially Japan).
reliance on oil for use in fertilizers created possibility of famine in poor agricultural economies

True or False? In his 1974 statement assigned as
a reading, Arthur Burns argued that increases in
oil prices were primarily due to changes in
demand, rather than changes in supply.
O True
False

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