Assume that initially there is free trade. will increase to $150 per barrel.ĥ) Refer to Figure 4.4. imports of oil will increase by 4 million barrels per day.ĭ) the price of oil in the U.S. firms will increase by 8 million barrels per day.Ĭ) U.S. If the United States then imposes a $25 tax per barrel of imported oil,Ī) the quantity demanded of oil will be reduced by 4 million barrels per day.ī) the quantity of oil supplied by U.S. government eliminated all taxes on imported oil cannot be determined from this information.Ĥ) Refer to Figure 4.4. If the United States levies no taxes on imported oil, which of the following would occur?Ī) 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.ī) 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.Ĭ) 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.ĭ) The price of oil in the United States after the U.S. If a $25 per barrel tax is levied on imported oil, the United States willĪ) import 2 million barrels of oil per day.ī) import 6 million barrels of oil per day.Ĭ) import 10 million barrels of oil per day.ĭ) export 10 million barrels of oil per day.ģ) Refer to Figure 4.4. At the world price of $125 per barrel of oil, the United States imports _ million barrels of oil per day.Ģ) Refer to Figure 4.4. 4.2 Supply and Demand Analysis: An Oil Import Feeġ) Refer to Figure 4.4.
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