Statement I: In 1973 and 1979 the United States dealt with a decrease in the supply of oil by letting the market solve the problem.
Statement II: In 2005 the government avoided the problems of long gas lines by allowing the price of gasoline to rise.

Question

Quizplus · Accepted Answer

Statement I is false because during the oil crises of 1973 and 1979, the U.S. government did not let the market solve the problem entirely; it implemented policies like fuel rationing and price controls. Statement II is true because in 2005, in response to supply disruptions caused by Hurricane Katrina, the government allowed market forces to dictate prices, avoiding the long gas lines seen in the 1970s.

Statement I: in 1973 and 1979 the United States Dealt