Most of Us Are Dependent on Crude Oil in Some

question 10

Multiple Choice

Most of us are dependent on crude oil in some shape or way, whether it's to power our cars or to heat our homes in some parts of the country. More than 80 percent of the home heating oil used in the United States goes to the Northeast. It is suggested that there needs to be government regulation to make it illegal to charge a very high price for oil. This type of regulation would be a

• A) price ceiling.
• B) price floor.
• C) shortage regulation.
• D) tax incidence.

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Definitions:

Schemas

Cognitive frameworks or concepts that help organize and interpret information based on past experiences and knowledge.

Context Effects

The influence of environmental factors on one's perception, cognition, or behavior.

Perceptual Set

A readiness to perceive a stimulus in a particular way, influenced by expectations, emotions, and cultural background.

Infectious Disease

Diseases caused by pathogenic microorganisms, such as bacteria, viruses, parasites, or fungi; these diseases can be spread, directly or indirectly, from one person to another.