How eliminating foreign oil would reduce standard of living

Assignment Help Microeconomics

Reference no: EM13237691

"Last year, the United States imported approximately $100 billion worth of oil. Many people believe we should simply stop importing all oil (about half of our domestic consumption). One argument in favor of this is that this oil is only about 1% of our $10 trillion economy. Thus, it is argued, it would therefore be a small sacrifice to eliminate entirely our "dependence" on foreign oil, since the economy grows by over $100 billion each year, and therefore eliminating foreign oil would reduce our standard of living only to what it was a year or two ago. No big deal! Evaluate this argument."

Reference no: EM13237691

Questions Cloud

Explain what is the enthalpy of formation of c8h16o : A 3 g sample of C8H16O is burned completely in excess oxygen to yield CO2(g) and H2O(l) at 25 C, releasing 117.83 kJ of energy. What is the enthalpy of formation of C8H16O?

What components of gdp if any would each of the transaction : Explain. A family buys a new refrigerator, Aunt Jane buys a new house, Ford sells a Mustang from its inventory, You buy a pizza, California repaves Highway 101, Your parents buy a bottle of French wine, Honda expands its factory in Marysville, Ohi..

Explain the ir and nmr spectra of 3-nitrophthalic acid : Discuss the differences observed in the IR and NMR spectra of 3-nitrophthalic acid and luminal that are consistent with reduction of the nitro function to an amino group

Major player in the global arena : What are some of the problems the Arab world is facing with regard to developing language policies and strategies to become a major player in the global arena? Be specific.

How eliminating foreign oil would reduce standard of living : Last year, the United States imported approximately $100 billion worth of oil. Many people believe we should simply stop importing all oil (about half of our domestic consumption). One argument in favor of this is that this oil is only about 1%

Define carboxylic acid functions in 3-nitrophthalic acid : There are two carboxylic acid functions in 3-nitrophthalic acid. The pKa of the acid function at the 2-position is approximately 2, whereas that at the 1-position is about 3. Which of the two is the more acidic and why

Compute the net benefit loss per machine hour : Compute the net benefit (loss) per machine hour that would result if Upstate Mechanical accepts the supplier's offer of $13.85 per unit for component B81?

Attempts to revitalize mayan languages. : Explain three of the main issues that Mayan activists face in their attempts to revitalize Mayan languages.

Attempts to revitalize mayan languages : Explain three of the main issues that Mayan activists face in their attempts to revitalize Mayan languages.

User Account

All Pages