When OPEC nearly tripled the price of oil in late 1973, A) the ...

[sjones]

When OPEC nearly tripled the price of oil in late 1973,
 
  A) the U.S. price level fell because production became too expensive.
  B) U.S. real GDP increased as profits by oil producers increased.
  C) U.S. real GDP did not change although the price level rose.
  D) both U.S. real GDP and the price level increased.
  E) the U.S. price level rose and real GDP decreased.

Question 2

What is the opportunity cost of holding money?
 
  What will be an ideal response?

[kjo;oj]

Answer to Question 1

E

Answer to Question 2

The opportunity cost of holding money is the nominal interest rate.

[sjones]

YES! Correct, THANKS for helping me on my review

[FergA]

Excellent