-If the Economy in the Diagram Above Is Open to Trade

question 95

Multiple Choice

-If the economy in the diagram above is open to trade and the world price of oil is $20 per barrel,then this economy will __________ million barrels of oil.

• A) import 7
• B) import 9
• C) import 11
• D) import 18
• E) export 7

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Definitions:

Environmental Black Holes

Areas suffering from severe environmental degradation, where the surrounding ecological systems cannot support life.

Culture

The shared languages, customs, beliefs, and artifacts of a group of people that are passed from one generation to the next.

Trade

The exchange of goods, services, or both between two or more parties, often for the purpose of economic gain.

Tikal Project

An archaeological undertaking focused on the study and excavation of Tikal, an ancient Mayan city in Guatemala.