Would you rather have the forces of demand and supply determine the price of gasoline which you pay at the pump, or would you prefer a government mandated price ceiling? What problems would a price ceiling on gasoline bring? There are two different schools of thought on how to lower gasoline prices and reduce US dependence on foreign oil. Increase SUPPLY of oil (drilling offshore) Decrease DEMAND (finding alternatives to oil). Think through how you might graph how these two changes will bring about lower gas prices. Which school of thought do you subscribe to?

The blumer company entered into the following transactions during 2012: 1. the company was started with $22,000 of common stock issued to investors for cash. 2. on july 1, the company purchased land that cost $15,500 cash. 3. there were $700 of supplies purchased on account. 4. sales on account amounted to $9,500. 5. cash collections of receivables were $5,500. 6. on october 1, 2012, the company paid $3,600 in advance for a 12-month insurance policy that became effective on october 1. 7. supplies on hand as of december 31, 2010 amounted to $225. the amount of cash flow from investing activities would be: