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For years the U.S. government levied quotas on inexpensive oil imported from the Middle Ea

For years the U.S. government levied quotas on inexpensive oil imported from the Middle East. The quotas led to cost increases for U.S. consumers totaling $3 billion for oil products. An apparent justification for this policy was that:

a. U.S. oil companies and workers deserved higher incomes

b. U.S. oil was of superior quality and merited higher prices

c. one should not be too dependent on foreign suppliers of crucial resources

d. the U.S. government needed the quota revenue to balance its budget

Nov 23 2019 View more View Less

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