How Are U.S. States Impacted by Lower Oil Prices?

How Are U.S. States Impacted by Lower Oil Prices?

Assessment

Interactive Video

Business, Social Studies

University

Hard

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The video discusses the impact of declining oil revenues on states like Alaska, Louisiana, and Texas. It explores how these states are managing budget shortfalls through spending cuts and reserve funds. The potential long-term economic effects, such as changes in unemployment and GDP, are considered. Despite challenges, states have flexibility in budget management, and increased consumer spending may offset some revenue losses.

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5 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which states are mentioned as being most affected by the drop in oil revenue?

Florida and Georgia

California and Nevada

Alaska and Louisiana

New York and New Jersey

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What strategy is Louisiana using to address its budget shortfall?

Increasing oil production

Raising taxes

Borrowing from other states

Cutting back on spending

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is Alaska addressing its revenue shortfall due to the drop in oil prices?

Dipping into reserve funds

Reducing education funding

Increasing tourism

Raising property taxes

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the first signs of economic distress that analysts are monitoring?

Stock market fluctuations

Interest rate hikes

Unemployment and GDP changes

Inflation rates

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What potential positive outcome is mentioned regarding the drop in oil prices?

Higher consumer spending leading to more sales tax revenue

Improved international trade balance

Growth in the renewable energy sector

Increased foreign investment