Many economists who accept the real business cycle explanations of eco

Many economists who accept the real business cycle explanations of economic fluctuations

a. believe that the sharp rise in the relative price of imported oil was the central cause of the deep recession in the United States in the mid-1970s.
b. believe that the restrictive Federal Reserve monetary policy was the central cause of the deep recession in the United States in the mid-1970s.
c. believe that the sharp rise in the relative price of imported oil was not the main cause of the deep recession in other industrialized nations in the mid-1970s.
d. both a and c.
d. None of the above

ANSWER

A