The primary effect of OPEC actions in the period from 1973 to 1980 was to increase
A)wage rates.
B)interest rates.
C)employment and output.
D)energy prices.

Question

Quizplus · Accepted Answer

OPEC (Organization of the Petroleum Exporting Countries) increased oil prices during this period by limiting oil production, leading to higher energy prices worldwide. This led to stagflation, a combination of stagnant economic growth and inflation, and negatively impacted many economies, particularly those heavily reliant on imports of oil.

The Primary Effect of OPEC Actions in the Period from 1973