In January 2010, the approximate value of U.S. oil imports was $26.5 billion. In January 2011, the
Question:
a. Given the information above, can you conclude that there has been a significant increase in the number of barrels of oil that the United States is importing? Briefly explain.
b. The average price per barrel of crude oil in January 2010 was $75. By January 2011, the price had risen to approximately $91 per barrel. By what percentage had the quantity of oil imported changed?
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a Since these figures are nominal it is impossible to ...View the full answer
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Related Book For 
Macroeconomics
ISBN: 9780132109994
1st Edition
Authors: Glenn Hubbard, Anthony Patrick O'Brien, Matthew P Rafferty
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