Situation 4-1 -Refer to Situation 4-1.Because Price Controls Were in Effect at Were

question 6

Multiple Choice

Situation 4-1

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

• A) the number of dollars one would need to pay at the pump for a full tank of gasoline would increase sharply.
• B) the number of dollars one would need to pay at the pump for a full tank of gasoline would decline sharply.
• C) long waiting lines and black markets would appear.
• D) a surplus of gasoline would result.

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