Author Question: In the 1970s, the government placed price ceilings on gasoline prices. A shortage of gasoline ... (Read 154 times)

bobbie · **on:** Jun 29, 2018

In the 1970s, the government placed price ceilings on gasoline prices. A shortage of gasoline occurred, and long lines formed at the pumps. Some gas stations required that in addition to paying the price on the pump you had to buy a blank will.

The action of having to purchase the will in order to purchase gas is known as A) a surplus.
B) a price support.
C) the price system.
D) a black market.

Question 2

The relationship of dead capital to inefficient production is

A) without clear ownership it is not possible to sell or transfer a resource so that it can be used efficiently.
B) that outdated equipment will lead to inefficient production.
C) nonexistent since the capital is already dead.
D) that when the dead capital is replaced by more technologically advanced capital, economic growth occurs.