Answer:
C) There was no price control on gasoline at the time.
Explanation:
During the 1970s the US government established a price ceiling on gasoline, but as all price ceilings set below the equilibrium price, it results in both a deadweight loss and a supply shortage.
Since the price is "too cheap", then the quantity demanded will be more than the quantity supplied. Rising costs in gasoline production made things worst, since suppliers were constantly reducing their supply of gasoline, while consumer demand was constantly increasing.
Answer:
c. those waiting to be recalled to a job from which they had been laid off
Explanation:
Employment need not mean to be employed under a citizen it basically means to be working and earning, whether under permanent contract or under temporary contract.
Being on vacation do not mean to be unemployed it basically means to be on temporary leaves, and that the leaves might or might not be paid.
Involving one self into family business is also employed.
But a person who is removed from job and then is waiting for a call is clearly unemployed.
When the average price level rise in the USA relative the to the average price levels in other countries, American products become more expensive for those countries. Hence, there will a fall in imports level. On the other hand, countries with Lowe prices should experience a rise in the price exports because their products are more price-competitive.