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Assume that the world price of oil is per barrel and that the US can buy all the oil it wants at this price. Assume that the following are the oil demand and supply schedules in the United States:
a. Draw the supply and demand curves for the United States on graph paper. b. With oil trade liberalisation, what price will Americans pay for their oil? How much will Americans buy? How much of this will come from American producers? How much will be brought in? Total imports should be depicted on your graph of the US oil market. c. Assume the United States imposes a $4 per barrel tax on imported oil. How much would Americans buy? How much of this would come from American producers? How much would be brought in? What amount of tax would the government collect? d. Summarize the impact of an oil import tax by explaining who benefits and who suffers from the following groups: domestic oil consumers, domestic oil producers, foreign oil producers, and the United States government.
Match the given definition with one of the terms listed here.
Asset Expenses Managerial Accounting Balance sheet Financial Accounting Net income Bookkeeping Historical cost principle Partnership Corporation Income statement Proprietorship Equity Investors and creditors Revenues Ethical duties Liability Statement of cash flows
m. Economic resources that are expected to produce benefits in the future