Fourth Quarter Test Flashcards
What is OPEC?
Organization of Petroleum Exporting Countries
What role did OPEC play in the price of oil?
A. They competed with each other and drove the price down
B. They worked together to set a high price
C. They stopped producing oil altogether
D. They did not play a role in the price of oil
B. They worked together to set a high price.
What percent of the automobile market did Japan have by 1982?
30% ;)
What happened to the price of goods between 1967 and 1987?
It QUADRUPLED.
How much was the Vietnam War costing the U.S. a month by 1968?
It costed $3 BILLION!!!
TRUE or FALSE: Inflation affected American families by making the price of goods cheaper.
FALSE: It WIPED out family savings !
Family _____ during the ____’s remained ____
Family WAGES during the 1970’S remained FLAT.
What happened to the price of goods, especially health care and housing during the 1970’s? A. No Change B. They decreased sharply C. They decreased slightly D. They increased sharply
If u picked D, I think we got a winna, because they did increased SHARPLY.
How much oil did the U.S. import from the Middle East? A. A Quarter B. A Third C. Half D. Two Thirds
B. A THIRD.
What were the negative effects of the oil shortage?
Millions of jobs were lost.
What were the positive effects of the oil shortage?
People became more concerned with conservation and the environment
TRUE or FALSE: The U.S. produced HALF of the world’s goods.
TRUE>
People on ____ Street made a lot of _____ by financing ____________
People on WALL Street made a lot of MONEY by financing ACQUISITIONS.
How many people became millionaires every year during the 1980's? A. 50,000 B. 100,000 C. 150,000 D. 200,000
B. 100,000!!
What happened to the income for the bottom 20% in the 1980’s?
It decreased.
