Use the Information for the Question(s) Below

question 102

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.
Another oil refiner is offering to trade you 10,150 bbl of Alaska North Slope (ANS) crude oil for 10,000 bbl of West Texas Intermediate (WTI) crude oil. Assuming you currently have 10,000 bbl of WTI crude, what should you do?

• A) Sell 10,000 bbl WTI crude on the market and use the proceeds to purchase and refine ANS crude.
• B) Do nothing; refine the 10,000 bbl of WTI crude.
• C) Trade the 10,000 bbl WTI crude with the other refiner and refine the 10,150 bbl of ANS crude.
• D) Trade the 10,000 bbl WTI crude with the other refiner and then sell the 10,150 bbl of ANS crude.

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Definitions:

Schooling

The process of receiving formal education, typically in an institutional setting such as a school.

Priming Method

A technique in psychology used to train people's memory both in positive and negative ways by presenting them with information that influences their subsequent actions or responses.

Implicit Memory

A type of memory that enables us to perform tasks without conscious awareness of these previous experiences.

Performance

The act of carrying out a task or the level of efficiency with which it is executed.