Economists Blame the Long Lines at Gasoline Stations in the U.S.in

question 41

Multiple Choice

Economists blame the long lines at gasoline stations in the U.S.in the 1970s on

• A)U.S.government regulations pertaining to the price of gasoline.
• B)the Organization of Petroleum Exporting Countries (OPEC).
• C)major oil companies operating in the U.S.
• D)consumers who bought gasoline frequently,even when their cars' gasoline tanks were nearly full.

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Definitions:

The Soviet Union

A previously existing federal socialist nation in northern Eurasia, officially recognized as the Union of Soviet Socialist Republics (USSR) from 1922 to 1991.

Centrally Planned Economic System

An economic system in which the government or state makes all decisions about what to produce, how to produce, and for whom to produce, with little or no input from market forces.

Consumers

Individuals or groups who purchase goods and services for personal use and not for manufacture or resale.

Privately Owned Businesses

Companies that are owned by individuals or private groups, not controlled by the government.