-If the economy in the diagram above is open to trade and the world price of oil is $25 per barrel,then domestic production will be _________ million barrels,of which _________ million barrels will be exported.

Question

Quizplus · Accepted Answer

If the world price is $25, domestic production will be 14 million barrels, and domestic consumption will be 8 million barrels, resulting in 6 million barrels being exported.

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