A USPurchase of Oil from Overseas Paid for with Foreign Currency

question 17

Multiple Choice

A U.S.purchase of oil from overseas paid for with foreign currency it already owned

• A)increases U.S.net exports,and increases U.S.net capital outflow.
• B)increases U.S.net exports,and decreases U.S.net capital outflow.
• C)decreases U.S.net exports,and increases U.S.net capital outflow.
• D)decreases U.S.net exports,and decreases U.S.net capital outflow.

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Definitions:

Absolute Value

A number’s distance from zero on the number line, without considering direction; always a positive value or zero.

Price Elasticity

A measure of how the quantity demanded of a good changes in response to a change in its price.

Gas Sales

The commercial activity of selling gaseous fuels, such as natural gas or propane, to consumers.

Convenience Store

A small retail business that stocks a range of everyday items like groceries, snack foods, and household goods, often operating for extended hours.