Figure 9-4 -Refer to Figure 9-4. When the Country for Which the for Which

question 34

Multiple Choice

Figure 9-4
-Refer to Figure 9-4. When the country for which the figure is drawn allows international trade in crude oil,

• A)consumer surplus for domestic crude oil consumers decreases.
• B)the demand for crude oil by domestic crude oil consumers decreases.
• C)the losses of the domestic losers outweigh the gains of the domestic winners.
• D)domestic crude oil producers sell less crude oil.

---

Definitions:

Rights

Privileges or entitlements granted by law, custom, or agreement to individuals or groups, allowing them to perform certain actions or to be treated in a specific way.

Contracting Parties

Individuals, companies, or entities that enter into a contract and are bound by its terms.

Statute Of Frauds

A legal principle requiring certain contracts to be written and signed by the party or parties being charged to be enforceable.

Signature

An individual's signature inscribed uniquely to serve as identification when approving a document.