42 Supply and Demand Analysis: an Oil Import Fee

question 13

Multiple Choice

4.2 Supply and Demand Analysis: An Oil Import Fee
Refer to the information provided in Figure 4.4 below to answer the questions that follow. Figure 4.4
-Refer to Figure 4.4. Assume that initially there is free trade. To reduce U.S. imports without a tax, the U.S. could

• A) increase pollution control regulations.
• B) allow drilling for oil in the Alaska National Wildlife Refuge.
• C) increase safety regulations for oil refineries.
• D) all of the above

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Definitions:

Cognitive Aptitude

The ability to process information, learn quickly, and solve problems, often considered a measure of intellectual capabilities.

Perceptive Set

A psychological framework that influences observation and interpretation, predisposing an individual to perceive things in a certain way.

Empathy Capacity

The ability of an individual to understand and share the feelings of another person.

Attributional Style

The way in which one is disposed toward interpreting outcomes (successes or failures), as in tending to place blame or responsibility on oneself or on external factors.