The 1970's Energy crisis caused which effects?Election of George W BushLoss of jobsStock Market CrashLong lasting drop in oil pricesIncrease in profits
Question
The 1970's Energy crisis caused which effects?
- Election of George W Bush
- Loss of jobs
- Stock Market Crash
- Long lasting drop in oil prices
- Increase in profits
Solution
The 1970's Energy crisis had several significant effects, but not all the options you provided are correct. Here's a breakdown:
-
Election of George W Bush: This is incorrect. The 1970's energy crisis did not lead to the election of George W. Bush. He was elected as the President of the United States in 2000, long after the 1970's energy crisis.
-
Loss of jobs: This is correct. The energy crisis led to a severe economic recession, which resulted in the loss of many jobs.
-
Stock Market Crash: This is partially correct. While the energy crisis did not directly cause a stock market crash, it did contribute to economic instability, which affected the stock market.
-
Long lasting drop in oil prices: This is incorrect. The energy crisis actually caused a significant increase in oil prices due to the OAPEC oil embargo.
-
Increase in profits: This is partially correct. While the energy crisis caused economic hardship for many, it also led to increased profits for oil companies due to the sharp rise in oil prices.
Similar Questions
What type of recession would be caused by such a pandemic? Provide an explanation.
Which was the main cause of the economic downturn in cities during the 1950s?Responses
Which of the following goods would usually see the largest decline in demand during a recession?Group of answer choicesCarsFoodClothingHair cuts
Which watershed event in 1969 led to a widespread reform in the operations of the oil industry?
How did the banking crisis exacerbate the economic conditions of the Great Depression?
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.