A) The prediction that population growth and growing affluence would outstrip supply would mean rising prices over time due to oil shortages. B) Both the 1970s and the 2000s oil price hikes were due to the demand curve shifting to the right.C) The sharp fall in the oil price after the global financial crisis of 2008 was due to the supply curve shifting to the right.D) The prediction that technological advancement to find new resources and extract them more efficiently would outweigh increases in demand would mean rising prices over time due to oil shortages. The figure below shows the world oil price (in 2014 prices) and global oilconsumption. Based on this information, which of the following statements iscorrect?2008 Start of globalfinancial crisis1979-80Second oil shock140120,0001990120Dissolution1918End of WWI1973-74First oilshock1945of the SovietUnionEnd of WWII100801929 Start of GreatDepression60,000604030,0001861 1871 1881 1891 1901 1911 1921 1931 1941 1951 1961 1971 1981 1991 2001 2011YearPrice per barrel, P ($ 2014 per barrel)20Oil consumption (ratio scale: thousands of barrels)

Graph represent world oil price and global oil consumption. Prices per barrel are taken on Y-axis…

A) The prediction that population growth and growing affluence would outstrip supply would mean rising prices over time due to oil shortages. B) Both the 1970s and the 2000s oil price hikes were due to the demand curve shifting to the right. C) The sharp fall in the oil price after the global financial crisis of 2008 was due to the supply curve shifting to the right. D) The prediction that technological advancement to find new resources and extract them more efficiently would outweigh increases in demand would mean rising prices over time due to oil shortages.

A) The prediction that population growth and growing affluence would outstrip supply would mean rising prices over time due to oil shortages. B) Both the 1970s and the 2000s oil price hikes were due to the demand curve shifting to the right. C) The sharp fall in the oil price after the global financial crisis of 2008 was due to the supply curve shifting to the right. D) The prediction that technological advancement to find new resources and extract them more efficiently would outweigh increases in demand would mean rising prices over time due to oil shortages.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter1: Welcome To Economics!

Section: Chapter Questions

Problem 26CTQ: Suppose, as an economist, you are asked to analyze an issue unlike anything you have ever done...

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