Refer to the information provided in Figure 4.4 below to answer the question(s) that follow.
Figure 4.4Refer to Figure 4.4. At the world price of $125 per barrel of oil, the United States imports ________ million barrels of oil per day.
A. 4
B. 6
C. 8
D. 10
Answer: B
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Marginal cost is defined as
a. ?Q/?TC b. TC /Q c. ?TC/?Q d. Q/TC
If a good is inferior, then the income elasticity of demand for that good is
a. positive and greater than 1 b. negative c. positive and less than 1 d. 0 e. perfectly elastic
When the average price level in the United States, relative to the average price levels in other countries, rises, this tends to
A. raise imports and exports. B. lower imports and exports. C. raise imports and lower exports. D. lower imports and raise exports.
An increase in supply will occur when
A. the demand curve shifts downward to the left. B. the demand curve shifts upward to the right. C. the supply curve shifts downward to the right. D. the supply curve shifts upward to the left.