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lisov135 [29]
3 years ago
12

In 1973 Arab countries imposed an oil embargo on the United States and other developed countries in the aftermath of the Yom Kip

pur war. At the same time improved infrastructure and increased income was altering consumer preferences in favor of automobiles over public transportation. If you were drawing a supply and demand graph to illustrate the change in the gasoline market in 1973-1974, what would you say has happened to the supply and demand curves and the equilibrium price and quantity during this time period?
a. The demand for gasoline will decrease shifting the curve to the left while the supply curve shifts to the right. As a result the equilibrium quantity will increase but it is impossible to pinpoint the equilibrium price change.
b. The demand for gasoline will decrease shifting the curve to the left while the supply curve also shifts to the left. As a result the equilibrium price will increase but it is impossible to pinpoint the equilibrium quantity change.
c. The supply of gasoline will decrease shifting the curve to the left while the demand curve shifts to the right. As a result the equilibrium quantity will increase but it is impossible to pinpoint the equilibrium price change.
d. The supply of gasoline will decrease shifting the curve to the left while the demand curve shifts to the right. As a result the equilibrium price will increase but it is impossible to pinpoint the equilibrium quantity change.
Business
1 answer:
BaLLatris [955]3 years ago
3 0

Explanation:

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The substitution effect is the portion of a change in quantity demanded that is due to a change in the relative price of the goo
Serga [27]

Answer:

True

Explanation:

The <em>Substitution Effect</em> is the effect on the demand of a certain product because of variations of the prices of the product or the income of households. The concept illustrates how quantities demanded of a product decrease as the population find other products to substitute it.

6 0
3 years ago
Read 2 more answers
Mr. A, a cash-basis taxpayer, sold his business in the current year for $120,000. The contract allocated $40,000 to inventory an
Leona [35]

Answer:

$2,000 ordinary gain and $15,000 long term capital gains

Explanation:

Under the installment method, the taxpayer will recognize gains based on the installments that they actually receive, not the whole contract. This method is generally used for real estate transactions that involve installments payments during several years.

In this case, Mr A received $60,000:

$40,000 for inventory, so gain = $40,000 - $38,000 = $2,000 ordinary gain

$20,000 for real property (25% of transaction price) = $20,000 x [($40,000 - $20,000) x 25%] = $20,000 - $5,000 = $15,000 long term capital gains

4 0
2 years ago
Maria lost her job because the economy is shrinking. This is an example of _____.
kakasveta [241]
It is an example of cyclical unemployment.

I hope this helps!
7 0
3 years ago
Read 2 more answers
From a business perspective, ___________ taxes are analogous to the personal property taxes paid by individuals.
Anvisha [2.4K]

Answer:

c. inventory

Explanation:

As per the business perspective, the inventory taxes should be analogous for the personal property taxes that paid by the individuals as the inventory taxes is involved in the business property tax i.e. tangible as well as personal

Therefore as per the given options, the option c is correct

And, the other options are incorrect

5 0
2 years ago
Anthony Finley wishes to become a millionaire. His money market fund has a balance of $287,270 and has a guaranteed interest rat
mrs_skeptik [129]

Answer:

15 years

Explanation:

The target accumulated future amount is the future value of the initial investment(present value), hence, using the future value formula provided below we can determine the investment time horizon in years required to accumulate the target amount:

FV=PV*(1+r)^n

FV=$1,200,000

PV=$287,270

r=10%

n=investment period in years=unknown

$1,200,000=$287,270*(1+10%)^n

$1,200,000/$287,270=(1+10%)^n

$1,200,000/$287,270=(1.10)^n

take log of both sides

ln($1,200,000/$287,270)=n ln(1.10)

n=ln($1,200,000/$287,270)/ln(1.10)

n=15.00years

4 0
2 years ago
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