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

question 122

Multiple Choice

-If the economy in the diagram above is open to trade,the world price of oil is $20 per barrel,and a $5 per-barrel tariff is levied per barrel of oil imported,then domestic production of oil equals _______ million barrels and domestic consumption of oil equals _______ million barrels.

• A) 9;12
• B) 12;12
• C) 12;16
• D) 16;9
• E) 9;16

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Definitions:

Ceclor

An antibiotic medication used to treat various bacterial infections by stopping the growth of bacteria.

Oral Suspension

A liquid mixture in which a solid substance is suspended, often used in medication for easier consumption.

Mg

An abbreviation for magnesium, a chemical element vital for human health, involved in over 300 biochemical reactions in the body.

Scored Tablets

Medication in pill form with a line (or score) that allows for easy and accurate splitting.