7/30/2017 4:16 PM -Refer to Situation 4-1.Because Price Controls Were in Effect at Controls

question 77

Multiple Choice

7/30/2017 4:16 PM

-Refer to Situation 4-1.Because price controls were in effect at the time the embargo occurred,an economist would have most likely predicted that

• A) the number of dollars one would need to pay at the pump (legally)for a full tank of gasoline would increase sharply.
• B) the number of dollars one would need to pay at the pump (legally)for a full tank of gasoline would decline sharply.
• C) nonprice-rationing devices,such as long waiting lines and black markets,would appear.
• D) a surplus of gasoline would result.

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