At the beginning of World War II, a rationing system was established in the United States. Ration stamps or cards were issued for a variety of commodities such as canned milk and gasoline
To receive a gasoline ration card, a person had to certify a need for gas. The ration cards ranged from the most limited A card which only allowed 3 to 4 gallons per week to the most generous X card, which allowed the carrier to buy an unlimited amount of gasoline. A government entity, the War Price and Rationing Board, decided who received and A or an X card. Gasoline cards were allocated through A) command.
B) market price.
C) majority rule.
D) force.
A
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In the short run
a. firms can enter the industry but no firm can exit. b. firms can exit the industry but no firm can enter. c. firms can enter and exit the industry. d. no firm can enter or exit the industry.
A rise in the oil price will
A) shift the supply curve of gas to the left. B) shift the supply curve of gas to the right. C) leave the supply curve of gas unchanged. D) Not enough information is provided.
Saving divided by income equals the _______ rate.
A. interest B. income C. wealth D. saving
What is the present value of $100 two years from now at an interest rate of 5%?
A) $105 B) $95.24 C) $90.70 D) $5