Suppose That the Price of Crude Oil, the Primary Raw

question 36

Multiple Choice

Suppose that the price of crude oil, the primary raw material for gasoline, increases by 30 percent. Assuming everything else stays the same, by how much has the cost of producing gasoline increased?

• A) 35 percent.
• B) 32 percent.
• C) 30 percent.
• D) More than 35 percent.
• E) Less than 30 percent.

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Definitions:

Popular Sovereignty

The principle that the authority of a state and its government is created and sustained by the consent of its people, through their elected representatives.

Bill Of Rights

The first ten amendments to the United States Constitution, guaranteeing specific freedoms and rights to American citizens.

Liberty

The state of being free within society from oppressive restrictions imposed by authority on one's way of life, behavior, or political views.

Popular Sovereignty

Refers to the principle that the authority of a state and its government is created and sustained by the consent of its people, through their elected representatives.