Refer to the information provided in Figure 4.4 below to answer the question(s) that follow.
Figure 4.4Refer to Figure 4.4. Assume that initially there is free trade. If the United States then imposes a $25 tariff per barrel of imported oil,
A. U.S. imports of oil will increase by 4 million barrels per day.
B. the quantity of oil demanded will be reduced by 4 million barrels per day.
C. the quantity of oil supplied by U.S. firms will increase by 8 million barrels per day.
D. the price of oil in the U.S. will increase to $150 per barrel.
Answer: D
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A) lengthening the time period for apprenticeship programs. B) lowering union dues. C) encouraging older workers to take early retirement. D) having more intensive membership drives to ensure a larger proportion of workers are covered by the union contract.
During the 1930s,
a. ordinary citizens were not allowed to hold gold. b. the US government fixed the price at which the Treasury would by and sell gold. c. production of gold soared. d. All of the above are correct. e. Only a and b are correct.
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a. True b. False Indicate whether the statement is true or false
If oligopolists start cutting prices to capture a larger market share, the result will be a
A. Movement up the market demand curve. B. Leftward shift of the market demand curve. C. Rightward shift of the market demand curve. D. Movement down the market demand curve.