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:

Balance Sheet

This details a business's financial condition by listing its assets, debts, and the equity of its shareholders on a specific date.

Economic Resources

Assets, natural resources, labor, and capital that can be used for the production of goods and services, fundamental to economic activity.

Income Statement

A financial statement that shows a company's revenues, expenses, and profits over a specific period of time.

Economic Performance

A measurement of how well an economy, sector, or company is performing in terms of income, output, and growth.