42 Supply and Demand Analysis: an Oil Import Fee

question 114

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. If the United States levies no taxes on imported oil, which of the following would occur?

• A) The price of oil in the United States would fall to $100 per barrel, and the United States would import 10 million barrels of oil per day.
• B) The price of oil in the United States would be $125 per barrel, and the United States would import 6 million barrels of oil per day.
• C) The price of oil in the United States would be $150 per barrel, and the United States would import 2 million barrels of oil per day.
• D) The price of oil in the United States after the U.S. government eliminated all taxes on imported oil cannot be determined from this information.

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Definitions:

Toilet Training

The process of teaching a young child to control their bladder and bowel movements and to use the toilet for elimination.

Discriminative Stimulus

A stimulus in operant conditioning that indicates the probability of consequence for a behavior; it signals whether reinforcement or punishment is likely to follow a specific response.

Reinforced

Strengthened or emphasized, often in the context of behavior strengthened by a reward in psychology.

Human Face

A unique feature of the front part of the head in humans that includes eyes, nose, mouth, and expressions.