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

Question 83

Multiple Choice

  -If the economy in the diagram above is open to trade,the world price of oil is $25 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)  6;11 B)  11;11 C)  11;16 D)  16;6 E)  6;16
-If the economy in the diagram above is open to trade,the world price of oil is $25 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) 6;11
B) 11;11
C) 11;16
D) 16;6
E) 6;16

Correct Answer:

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