After the Sharp Drop in Oil Prices, the a Nation

question 133

Multiple Choice

After the sharp drop in oil prices, the a nation considers enacting a tariff on imported oil.According to proponents, such a tariff would do all of the following except

• A) help reduce the federal budget deficit.
• B) help strengthen the foreign trade deficit.
• C) prop up a sagging domestic oil industry.
• D) help cut the foreign trade deficit.
• E) create a trade restriction.

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Definitions:

Opportunity Cost

The loss of potential gain from other alternatives when one alternative is chosen.

Hot Dog

A cooked sausage, traditionally grilled or steamed, and served in a partially sliced bun as a fast-food.

Hamburger

a popular food item consisting of a cooked patty of ground meat, usually beef, placed inside a sliced bread roll or bun.

Monthly Income

The total earnings received on a monthly basis from all sources such as employment, investments, and entitlements.