Microeconomics
How does the war involving Iran affect the equilibrium price of gasoline?
Supply shocks etc
Why would oil prices rise globally even though no oil supply has actually been cut yet?
Expectations...
The Jones Act requires that “all goods transported by water between U.S. ports be carried on ships that have been constructed in the United States and that fly the U.S. flag, are owned by U.S. citizens, and are crewed by U.S. citizens and U.S. permanent residents.” Give two pros and two cons of this policy.
Though necessarily outdated: U.S. Maritime Industry and Jobs & National Security & Strategic Control; Higher Shipping Costs & Reduced Competition and Efficiency, etc. etc
What does a gas price cap set below equilibrium create?
shortages...
What happens to quantity demanded when gasoline prices rise significantly?
Elasticity...
If the U.S. is a net exporter of oil, why do domestic gasoline prices still rise during conflict in the Middle East?
Global prices...
What portmanteau became popularized in the 1970s and why?
Stagflation
From a public policy perspective, why might the government intervene even if the economic impact is small?
distributional, political, or social considerations, etc
What happens to the total surplus when gasoline prices increase sharply?
Consumer surplus goes down...
Why and how is OPEC a cartel?
Influencing prices to maximize revenue...
What's the largest oil-producing state in the US?
Texas
Respond to high gasoline prices as if Hayek were your economic advisor
Price system