Refer to the information provided in Figure 4.4 below to answer the question(s) that follow.
Figure 4.4Refer to Figure 4.4. The United States will import 2 million barrels of oil per day if a ________ per barrel tariff is levied on imported oil.
A. $25
B. $50
C. $100
D. $150
Answer: A
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Which of the following statements regarding aggregate supply are CORRECT?
A) Moving along the long-run aggregate supply curve, both the price level and the money wage rate change by the same percentage. B) Moving along the short-run aggregate supply curve, both the price level and the money wage rate change by the same percentage. C) Moving along the long-run aggregate supply curve, the money wage rate changes but the price level is constant. D) Moving along the short-run aggregate supply curve, the money wage rate changes but the price level is constant.
Which of the following would not cause the demand curve for peaches to shift?
a. an increase in the price of apricots b. a decrease in the price of nectarines c. an increase in the price of peaches d. a change in preferences for peaches e. a decrease in the income of peach buyers
What is market supply? How is the market supply curve for a good obtained?
To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.