Asked by
Aigul Zhumabekova
on Dec 08, 2024
Verified
Refer to Figure 4.4. If a $25 per barrel tariff is levied on imported oil, the United States will
A) import 2 million barrels of oil per day.
B) import 6 million barrels of oil per day.
C) import 10 million barrels of oil per day.
D) export 10 million barrels of oil per day.
Tariff
A tax imposed on imported goods and services, tariffs are used by governments to control trade, protect domestic industries, or generate revenue.
Imported Oil
Oil brought into a country from another country to meet its demand for energy and petroleum products.
- Gauge the impact of tariffs and international trade protocols on domestic markets.
Verified Answer
CS
Learning Objectives
- Gauge the impact of tariffs and international trade protocols on domestic markets.