Suppose You Are Advising the Government on Changes in the Gasoline

question 38

Multiple Choice

Suppose you are advising the government on changes in the gasoline market.The current price is $1.00 per litre and the quantity demanded is 2.5 million litres per day.Long- run price elasticity of demand is constant at 0.8.If the supply of gasoline is reduced so that the price rises to $1.50 per litre,then quantity demanded is predicted to fall in the long run by

• A)15%,and total expenditure will fall.
• B)12%,and total expenditure will fall.
• C)32%,and total expenditure will rise.
• D)50%,and total expenditure will rise.
• E)15%,and total expenditure will rise.

Explain the logic operations of electronic circuits, including AND gate functionality.

Define basic electronic terms such as hertz, multiplexing, and input sensors, and understand their relevance in truck electronics.

Describe the use of semiconductors in electronic components and their material properties.

Understand the principle of the Doppler effect and its application in determining relative velocity.

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Definitions:

Subsidized

Financial support provided by the government or other institutions to reduce the cost of services or commodities.

Tax

Compulsory financial charges or levies imposed by a government on individuals or entities to fund public spending and government operations.

Positive Externality

A benefit that affects a party who did not choose to incur that benefit, commonly seen in situations where the activity of one entity leads to positive effects for others.

Fire Extinguishers

Safety devices used to extinguish or control small fires, often in emergency situations.