Assume There Is a Reduction in the Shipments of Petroleum

question 69

Multiple Choice

Assume there is a reduction in the shipments of petroleum products due to political tension in the Persian Gulf.In a market economy,which consumers would get the reduced supplies of gas?

• A)The consumers who value gasoline the most and are able to pay for it.
• B)Wealthy consumers.
• C)Lower income consumers.
• D)Who gets the gasoline would be a random process. Those who arrive at the service station first will get the gasoline, regardless what its price is.

---

Definitions:

Compounded Annually

Interest calculated on the initial principal, which also includes all of the accumulated interest from previous periods on a loan or deposit.

Inheritance

Wealth or attributes passed on to heirs upon the death of an individual.

Lump Sum

A lump sum is a single payment of money, as opposed to a series of payments made over time.