Read the Following Scenario and Answer the Question Below

question 29

Multiple Choice

Read the following scenario and answer the question below.
Burning fossil fuels and their derivatives produces, among other things, harmful pollutants such as particulates, acid rain
-producing sulfur and nitrogen oxides, and carbon oxides. These air pollutants threaten ecosystems all over the world, and high carbon dioxide levels contribute to global warming. Furthermore, fossils fuels have a limited supply. The market price of fossil fuels, especially crude oil, has continued to rise in recent years. Despite this, Americans continue to consume fossil fuels at alarming rates and rely upon them for most of energy needs. At various times, the federal government has considered mandating higher fuel efficiency standards for American vehicles as a possible solution to this environmental energy crisis. Most auto manufacturers, however, are opposed to the imposition of standards.
-Which of the following would contribute to a rapid increase in crude oil prices?

• A)decrease in demand for oil
• B)higher gas taxes
• C)increase in demand for oil
• D)increased availability of alternative fuels
• E)increase in supply of oil

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Definitions:

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Milton Friedman

An influential American economist known for his strong belief in free-market capitalism and minimal government intervention in the economy.

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Individuals or entities that hold the ownership rights and stakes in a company, controlling its operations to some extent.

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Individuals or groups that have an interest, stake, or investment in an organization and can affect or be affected by its operations.