Price Controls Are Usually Enacted in Response to

question 23

Multiple Choice

Price controls are usually enacted in response to

• A)popular opinion.
• B)governmental studies.
• C)scholarly research on the effects of high prices.
• D)laws enacted in other countries.
• E)All of the above are correct.

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Definitions:

Business Taxes

Taxes that are required to be paid by businesses based on their income, property, and sometimes their sales.

Agricultural Output

The total quantity of agricultural products produced and harvested in a given period.

Oil Embargo

An official ban on the trade of oil with a particular country or countries, often imposed by one or more countries as a form of economic sanction.

OPEC Countries

Member countries of the Organization of the Petroleum Exporting Countries, an intergovernmental organization that coordinates petroleum policies among its members to secure fair and stable oil prices.