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If the Economy in the Diagram Above Is Open to Trade,the

Question 73
Multiple Choice

If the economy in the diagram above is open to trade,the world price of oil is $20 per barrel,and a $5 per-barrel tariff is levied per barrel of oil imported,then domestic production of oil equals _______ million barrels and domestic consumption of oil equals _______ million barrels. A) 9;12 B) 12;12 C) 12;16 D) 16;9 E) 9;16

Related questions
Q 74
If the economy represented in the diagram above is open to trade and the world price of oil is $30 per barrel,then domestic production of oil equals ________ million barrels and domestic consumption of oil equals ________ million barrels. A) 6;11 B) 11;11 C) 11;16 D) 12;12 E) 6;16
Q 75
If the economy in the diagram above is open to trade and the world price of oil is $25 per barrel,then domestic consumption will be ________ million barrels,of which ________ million barrels will be imported. A) 9;11 B) 9;14 C) 9;16 D) 16;9 E) 16;7
Q 76
If the economy in the diagram above is open to trade and the world price of oil is $30 per barrel,then this economy will ________ million barrels of oil. A) export 6 B) export 8 C) export 10 D) import 10 E) import 6
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