Other than OPEC, the shortage of gasoline in the U.S. in the 1970s could also be blamed on
a. a sharp increase in the demand for gasoline that was brought on by the Vietnam War.
b. the government's policy of maintaining a price ceiling on gasoline.
c. an indifference among U.S. consumers toward conservation.
d. the lack of substitutes for crude oil.
b
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Given the budget line in the above figure, which of the following combinations of pizza and milk are affordable?
A) 0 pizzas, 12 gallons of milk B) 2 pizzas, 2 gallons of milk C) 4 pizzas, 4 gallons of milk D) All of the above combinations are affordable.
Economic systems can be classified based on
a. the ownership of resources only b. the ownership of resources, the types of crops grown, and the incentives used to motivate people c. the way resources are allocated to produce goods and services and the incentives used to motivate people only d. the ownership of resources, the way resources are allocated to produce goods and services, and the incentives used to motivate people e. the ownership of resources, the way resources are allocated to produce goods and services, and the average education of workers