Refer to the information provided in Figure 20.5 below to answer the question(s) that follow.
Figure 20.5Refer to Figure 20.5. The domestic price of oil is $130 per barrel. This country imports 14 million barrels if the world price of oil is
A. $120.
B. $125.
C. $135.
D. $140.
Answer: A
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Which of the following is not a component of aggregate demand?
a. Investment expenditures b. Government expenditures c. Net exports d. All of the above are components of aggregate demand.
The EU organization that provides political leadership, drafts laws, and runs the daily programs of the EU is the ________.
A) European Commission B) Council of Ministers C) European Parliament D) European Central Bureaucracy
Under average-cost pricing, an increase in the monopolist's production cost will:
A. decrease its profit because its profit per unit decreases. B. not affect its profit because the government adjusts the regulated price equal to the average cost. C. increase its profit because the monopolist can reduce the average cost at a greater output level. D. None of these
The most important determinant of price elasticity of supply is
A. the price of the good. B. the number of close substitutes there are for the good. C. the importance of the good in the budgets of consumers. D. the time period firms have to adjust to the new price.