4.2 Supply and Demand Analysis: An Oil Import Fee
Refer to the information provided in Figure 4.4 below to answer the questions that follow. 
Figure 4.4
-Refer to Figure 4.4. The price of oil in the United States would be $125 per barrel, and the United States would import 6 million barrels of oil per day if the United States levies ________ per barrel tax on imported oil.
Definitions:
Purchasing Power
The worth of a currency represented by how much goods or services can be purchased with one unit of that currency.
Recognition Lag
The time delay between when an economic problem or shock occurs and when it is recognized or identified by policymakers.
Political Lag
The delay between a need for policy action being identified and the government implementing the response, often due to bureaucratic or political reasons.
Decision Lag
The time taken between identifying an economic issue and the implementation of policy to address it.
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