Assume That Recent Oil Exploration Coupled with a Fall in Demand

question 7

Multiple Choice

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.

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Definitions:

Dwelling

A place where people live, such as a house or apartment.

Power

The ability or capacity to influence or control the behavior of others or the course of events.

Authority

The authority or capability to issue commands, make choices, and ensure compliance.

Hutterites

Members of a communal Anabaptist sect living primarily in the United States and Canada, known for their collective lifestyle and self-sufficiency.