1. Uunng the OPEC cnsis of the 1970s, President Richard Nixon enacted price controls on oil and gasoline. Which of the following was a negitive unintended consequences of these binding price cetings?O A. There were massive shortages of oil and gasolineO B. Resources wore misallocated. Regions of the country that desperately needed gasoline (say, after a hurricane) were unatile to bid for it by offering higher pricesOC. Milions of Americans had to endure wasteful search cost by waiting in line for gas sinoe they were unatle to legally offer higher pricesOD. A black market developed for gasoline, where people had to pay bribes for gasoline that actualy made it more expensive than it wouldve been in the absonce of price controlsOE All of these are examples olnogative unintended consequences of Nixon's price controls

It resulted in an increase in unemployment. In order to slow down inflation, the Fed raised interest…

Uunng the UPEC ensis of the 1970s, President Richard Nixon enacted price controls on ol and gasoline. Which of the following was a negitive unintended consequences of these binding price cetings? O A. There were massive shortages of oil and gasoline OB. Resources were misalocated. Regions of the country that desperately needed gasoline (say, after a hurcane) were unable to bid for t by offering higher prices OC. Milions of Americans had to endure wasteful search cost by walting in ine for gas since they were unatile to legally offer higher prices OD. Ablack market developed for gasoline, where peoplie had to pay bribes for gasoline that actualy made it more expensive than it wouldve been in the absence of price controls OE All of these are examples olnegative unintended consequences of Nixon's price controts

Uunng the UPEC ensis of the 1970s, President Richard Nixon enacted price controls on ol and gasoline. Which of the following was a negitive unintended consequences of these binding price cetings? O A. There were massive shortages of oil and gasoline OB. Resources were misalocated. Regions of the country that desperately needed gasoline (say, after a hurcane) were unable to bid for t by offering higher prices OC. Milions of Americans had to endure wasteful search cost by walting in ine for gas since they were unatile to legally offer higher prices OD. Ablack market developed for gasoline, where peoplie had to pay bribes for gasoline that actualy made it more expensive than it wouldve been in the absence of price controls OE All of these are examples olnegative unintended consequences of Nixon's price controts

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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