Use the Information for the Question(s)below

question 10

Multiple Choice

Use the information for the question(s) below. As an oil refiner,you are able to produce $76 worth of unleaded gasoline from one barrel of Alaska North Slope (ANS) crude oil.Because of its lower sulfur content,you can produce $77 worth of unleaded gasoline from one barrel of West Texas Intermediate (WTI) crude.
-Assuming you currently have 10,000 Bbls of WTI crude,the added benefit (cost) to you if you were to sell the 10,000 Bbls of WTI crude and use the proceeds to purchase and refine ANS crude is closest to:

• A)($1400).
• B)$1400.
• C)($3908).
• D)$3908.

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Labor

Labor refers to the human effort, both physical and mental, used in the production of goods and services.

Underemployment

A labor condition where individuals are working less than they would like to or are in positions that underutilize their skills, education, or experience.

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Nations with low levels of income per capita, often characterized by limited industrial development, insufficient basic infrastructure, and a high degree of economic vulnerability.

Goods And Services

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