42 Supply and Demand Analysis: an Oil Import Fee

question 163

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. If the United States allowed drilling for more oil in the Gulf of Mexico, it could

• A) reduce U.S. oil imports without a tax.
• B) decrease the demand for domestic oil.
• C) reduce the supply of domestic oil.
• D) increase the domestic price of oil.

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Definitions:

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Garbage Collection

An automatic memory management process that frees up memory used by objects that are no longer accessible in a program.

Encapsulation

A fundamental concept in object-oriented programming that involves bundling the data (attributes) and methods (functions) that operate on the data into a single unit or class, and restricting access to the specifics of the data or methods.

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