Q. Due to the global economic slowdown, we were benefiting from relatively low oil prices. But because of the instability of the Middle East we are seeing oil prices rise. And when the economy fully recovers, you can expect the price of gas to keep rising.
One of the key principles of economics is the law of comparative advantage. With the recent oil spill in the Gulf of Mexico, I want you to see yourself as an economic advisor to the U.S. Congress and the president, and present your advice as to what they should do or not do. Support your argument with economic principles.