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regrettable (DO)<br />A good or service not producing UTILITY directly for a consumer, e.g. health care or transport to work.
oil-price increases (E3, Q4)<br />Major supply shocks in 1973-4 caused by the ORGANlZATION OF PETROLEU M EXPORTING coUNTRIES raising the price of oil and in 1979 - 80 by a cutback in Iranian oil production and exports after the Iranian Revolution. In 1973-4, the price rose from $1.90 to $9.76; in 1979 - 80 from $17.26 to $28.67; and in 1990, Iraq's invasion of Kuwait also led briefly to oil-price inflation.
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Metzler paradox (F1)<br />Despite a tariff imposing a charge, it can lead to a lower post-tariff price if the world price is forced down through an inelastic foreign demand for the importing country's export good.<br /><em>Reference</em><br />Metzler, LA. (1949) 'Tariffs, international demand, and domestic prices', Journal of Political Economy, 57:345-51.
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