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

question 21

Multiple Choice

-If the economy in the diagram above is open to trade,the world price of oil is $25 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) 6;11
• B) 11;11
• C) 11;16
• D) 16;6
• E) 6;16

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Definitions:

Cross-Classification Table

A cross-classification table displays the frequency distribution of variables in a table format, facilitating the analysis of the relationship between two or more categorical variables.

Cross-Classification Table

A table used to display the frequency distribution among variables, showing how many times each combination of variable categories occurs.

Relative Frequencies

The proportion of times that a certain event occurs relative to the total number of outcomes.

Cross-Classification Table

A table that displays the frequency distribution of two or more categorical variables.