Assume that recent oil exploration coupled with a fall in demand reduced petroleum imports of a nation to zero. We can expect:
a. the domestic price of petroleum to fall below the world price.
b. the world price of petroleum to fall to equal the domestic price.
c. petroleum exported by the domestic producers to increase.
d. petroleum exported by the domestic producers to decrease.
C
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Scarcity means that: a. resources are unlimited
b. human wants are limited. c. limited resources cannot satisfy all of our unlimited human wants. d. choices are unnecessary.
If the secular trend of labor productivity rises from 2 percent per year to 4 percent, the number of years that it will take for the standard of living to double will decline by about:
A. 23 years. B. 5 years. C. 17 years. D. 10 years.
Suppose that the nominal exchange rate between the U.S. dollar and the Canadian dollar is 0.75 U.S. dollars per Canadian dollar. If Canada's rate of inflation is 0 percent and the U.S. rate is 10 percent, then the real exchange rate for the U.S. dollar will
A) appreciate by about 9 percent. B) appreciate by 10 percent. C) depreciate by about 9 percent. D) depreciate by 10 percent.
If the dollar was initially valued at 20 rubles and its value rises to 23 rubles, then the value of a ruble (in terms of dollars) has _____________.
Fill in the blank(s) with the appropriate word(s).