Solved

In 1990 the UN Placed Trade Sanctions on Iraqi Oil

Question 22

Multiple Choice

In 1990 the UN placed trade sanctions on Iraqi oil.In 1996, Iraq was allowed limited export of oil to make war reparations.What was the predicted effect of the two events on equilibrium price and quantity of oil?


A) price fell initially, then rose (failing to return to its former low level) ; quantity fell and then rose
B) price fell initially, then rose (failing to return to its former low level) ; quantity rose and then fell
C) price rose initially, then fell (failing to regain its former losses) ; quantity fell and then rose
D) price rose initially, then fell (failing to regain its former losses) ; quantity rose, then fell

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents