Other Than OPEC,the Shortage of Gasoline in the U

question 8

Multiple Choice

Other than OPEC,the shortage of gasoline in the U.S.in the 1970s could also be blamed on

• A)a sharp increase in the demand for gasoline that was brought on by the Vietnam War.
• B)the government's policy of maintaining a price ceiling on gasoline.
• C)an indifference among U.S.consumers toward conservation.
• D)the lack of substitutes for crude oil.

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Definitions:

Opportunity Cost

The sacrifice made by not opting for the next prime selection during decision-making.

Point C

Typically refers to a specific point on a graph or model in economics, which could denote a particular state or condition in an economic analysis.

Production Possibility Curve

a graph that shows all the different combinations of two goods or services that can be produced within a given economy, assuming full and efficient use of resources.

Units of Butter

A hypothetical unit used in economics to represent production output, often used in examples discussing opportunity costs and production possibilities.