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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

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
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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
Transcribed Image Text: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
Transcribed Image Text: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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