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AP Macroeconomics
Unit 3 – National Income and Price Determination
Topic 3.6
How did the negative supply shock that disrupted world oil supplies in 1973 and 1979 impact the concerns of society?
Society was not affected and did not have any concerns
Society feared that it would not be able to fill up gas tanks, heat homes, or run factories
Society celebrated the disruption as it led to decreased reliance on oil and promoted alternative energy sources
Society experienced an increase in oil supply and lower prices, leading to improved economic conditions
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AP Macroeconomics - 3.6 Changes in the AD-AS Model in the Short Run
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Negative Supply Shock
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About Us
About Fiveable
Blog
Careers
Testimonials
Code of Conduct
Terms of Use
Privacy Policy
CCPA Privacy Policy
Resources
Cram Mode
AP Score Calculators
Study Guides
Practice Quizzes
Glossary
Crisis Text Line
Request a Feature
Report an Issue
© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.
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