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

question 58

Multiple Choice

-If the economy in the diagram above is open to trade,the world price of oil is $20 per barrel,and the government places a $5 per-barrel tariff on oil imports,then this economy will ________ million barrels of oil.

• A) import 7
• B) import 9
• C) import 16
• D) export 9
• E) export 7

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Definitions:

Basic Rules

Fundamental principles or guidelines that govern behavior, procedures, or operations in a specific context or activity.

Longitudinal Study

A research method that studies the same participants over a period of time, allowing for the observation of changes or development.

Life Span

The maximum or typical length of time an organism is expected to live, from birth till death.

Intelligence

The ability to learn from experience, solve problems, and use knowledge to adapt to new situations. It encompasses a range of aptitudes, skills, and talents.