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Gasoline Rationing
- In the year 1974 and again in the year 1979, the government imposed price controls on gasoline.
- This resulted in scarcity and gasoline was rationed.
- Non-price rationing is the alternative to market rationing.
- Under one form everyone has an equal chance to purchase rationed good.
- Gasoline can be rationed by long lines at the gas pumps.
* Rationing hurts some by limiting the amount of gasoline they can buy.
* This can be seen in the model given below.
* It applies to a woman having an annual income of $20,000.
Change in consumer and producer surplus from price controls * Observations: - The loss is equal to area B + C. - The change in surplus = (A - B) + (-A - C) = -B - C -
Exchange Rate Policy: After the second amendment to the Articles of Agreement of IMF which came into effect on April 1, 1978, every member is free to choose its own exchange r
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bains limit theory
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