Oil Embargo of 1974 Economics

______ were most affected by the oil embargo.

• Consumers

• Suppliers

• Canadians

• Producers

Sketch the supply curve after the oil embargo. Which way does it shift?

Since supply for oil decreased, _________ increased.

• Demand

• Price

• Supply

• Surplus

Due to the lower supply of oil, the supply curve shifted _______.

• right

• left

• up

• down

A(n) _____ is a government order restricting or prohibiting trade with another country.

• Embargo

• Tariff

• Blockade

• Restriction

Supply shock is.....

• when consumers are scared about the availability of resources

• a sudden change in the supply of a commodity

• when the supply increases gradually

• when there is slightly more product than needed

Which of these were put into effect to help with the Oil Crisis?

• License plate numbers determined if you could purchase gas on certain days

• National 55mph speed limit

• Gender determined the days you could purchase gas

• Gas stations were asked not to sell on Saturday nights and Sundays

In your own words, how can economics be used for political power?

Why did gasoline prices spike during the 1970's and early 1980's?

• A natural disaster impeded offshore drilling for oil

• Congress imposed new regulations on foreign energy companies

• Conflicts in the Middle East disrupted the distribution of oil

• Congress introduced new legislation to increase the fuel efficiency of vehicles

The OPEC oil embargo showed that the US......

• had an overabundance of oil in our country

• did not need foreign oil

• had enough oil for our cars

• needed foreign oil