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Y_Kistochka [10]
3 years ago
6

In 1973, the major oil-producing nations of the world declared an oil embargo. The price of oil, a key source of energy, increas

ed. In many countries, this led to a fall in real GDP and employment. Which of the three business cycle theories explained in the chapter – real business cycle theory, Keynesian theory, and monetary theory – would best fit this explanation of the 1973 recession?
History
1 answer:
hoa [83]3 years ago
8 0

Real business cycle theory best in this regard.

Explanation:

Among the other options, option first explains and put pressure on the role of technology in causing economic fluctuations. The new price or change in price affects the total cost of the product and so on the supply and demand. Because almost all firms use oil in one form or another, oil price changes function like technology changes.

The increase in aggregate cost decreases the productivity of the firms. The demand went down which affected the circulation of money in the market and leads to the recession.  

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In 1836, the settlers there started an insurgency against Mexico, and after a brief war, declared the independent Republic of Texas. In the case of Mexico, the accession of Texas to the United States led to the American-Mexican War (1846-1847). US forces defeated Mexico and forced it to hand over 42% of its territory, including California, to the Guadelupe Hidalgo Peace Treaty. On October 18, 1867, America bought Alaska from Russia and thus occupied this part of the country.

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