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 is an impact of an increase in the general price level?
a. An increase in aggregate demand for goods and services b. A decrease in aggregate supply of goods and services c. An increase in the price of the financial assets d. A decrease in supply of bonds and other assets e. An increase in interest rates
An economist left her $100,000-a-year teaching position to work fulltime in her own consulting business. In the first year, she had total revenue of $200,000 and business expenses of $150,000 . She made a (an):
a. economic profit. b. accounting loss but not an economic loss. c. implicit profit. d. economic loss.
Figure 11-3
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In Figure 11-3, which line represents the change in the consumption schedule caused by an increase in the personal income tax?
A. C1 in graph (a) B. C2 in graph (a) C. C1 in graph (b) D. C2 in graph (b)
Free trade is better than protection for a small country
Indicate whether the statement is true or false