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Direction for question: Refer to the following information on prices and production of crude oil for the period 1973 – 80 and answer the question given below. In the first graph, the lines show the prices of crude oil per barrel for domestic production and imports while the bars show the domestic price as a percentage of the import price. In the second graph, the bars show average production of barrels per day in the US and Non-OPEC countries, while the line shows the consumption of oil in the US.
Q. What is the difference between the total cost of domestic production of crude oil in the US in 1975 and the total cost of crude oil imported by the US in order to meet demands in this year?
- a)USD 49,500/day
- b)USD 65,625/day
- c)USD 96,750/day
- d)USD 53,625/day
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
Directionfor question:Refer to the following information on prices and...
In 1975, the domestic production of crude oil in the US was 8250 barrels per day while the consumption was 18000 barrels per day.
This means that the US had to import 9750 barrels per day.
The price of domestic and imported oil in 1975 was $ 8 and $ 13.5 per barrel respectively.
So the total cost of domestic oil was $ 66,000 / day while the cost of imported oil was $ 131,625 per day.
Thus the required difference is $ 65,625 per day.
This means that the US had to import 9750 barrels per day.
The price of domestic and imported oil in 1975 was $ 8 and $ 13.5 per barrel respectively.
So the total cost of domestic oil was $ 66,000 / day while the cost of imported oil was $ 131,625 per day.
Thus the required difference is $ 65,625 per day.
Most Upvoted Answer
Directionfor question:Refer to the following information on prices and...
In 1975, the domestic production of crude oil in the US was 8250 barrels per day while the consumption was 18000 barrels per day.
This means that the US had to import 9750 barrels per day.
The price of domestic and imported oil in 1975 was $ 8 and $ 13.5 per barrel respectively.
So the total cost of domestic oil was $ 66,000 / day while the cost of imported oil was $ 131,625 per day.
Thus the required difference is $ 65,625 per day.
This means that the US had to import 9750 barrels per day.
The price of domestic and imported oil in 1975 was $ 8 and $ 13.5 per barrel respectively.
So the total cost of domestic oil was $ 66,000 / day while the cost of imported oil was $ 131,625 per day.
Thus the required difference is $ 65,625 per day.
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Community Answer
Directionfor question:Refer to the following information on prices and...
In 1975, the domestic production of crude oil in the US was 8250 barrels per day while the consumption was 18000 barrels per day.
This means that the US had to import 9750 barrels per day.
The price of domestic and imported oil in 1975 was $ 8 and $ 13.5 per barrel respectively.
So the total cost of domestic oil was $ 66,000 / day while the cost of imported oil was $ 131,625 per day.
Thus the required difference is $ 65,625 per day.
This means that the US had to import 9750 barrels per day.
The price of domestic and imported oil in 1975 was $ 8 and $ 13.5 per barrel respectively.
So the total cost of domestic oil was $ 66,000 / day while the cost of imported oil was $ 131,625 per day.
Thus the required difference is $ 65,625 per day.
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Directionfor question:Refer to the following information on prices and production of crude oil for the period 1973 – 80 and answer the questiongiven below. In the first graph, the lines show the prices of crude oil per barrel for domestic production and imports while the bars show the domestic price as a percentage of the import price. In the second graph, the bars show average production of barrels per day in the US and Non-OPEC countries, while the line shows the consumption of oil in the US.Q.What is the difference between the total cost of domestic production of crude oil in the US in 1975 and the total cost of crude oil imported by the US in order to meet demands in this year?a)USD 49,500/dayb)USD 65,625/dayc)USD 96,750/day d)USD 53,625/day Correct answer is option 'B'. Can you explain this answer?
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Directionfor question:Refer to the following information on prices and production of crude oil for the period 1973 – 80 and answer the questiongiven below. In the first graph, the lines show the prices of crude oil per barrel for domestic production and imports while the bars show the domestic price as a percentage of the import price. In the second graph, the bars show average production of barrels per day in the US and Non-OPEC countries, while the line shows the consumption of oil in the US.Q.What is the difference between the total cost of domestic production of crude oil in the US in 1975 and the total cost of crude oil imported by the US in order to meet demands in this year?a)USD 49,500/dayb)USD 65,625/dayc)USD 96,750/day d)USD 53,625/day Correct answer is option 'B'. Can you explain this answer? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about Directionfor question:Refer to the following information on prices and production of crude oil for the period 1973 – 80 and answer the questiongiven below. In the first graph, the lines show the prices of crude oil per barrel for domestic production and imports while the bars show the domestic price as a percentage of the import price. In the second graph, the bars show average production of barrels per day in the US and Non-OPEC countries, while the line shows the consumption of oil in the US.Q.What is the difference between the total cost of domestic production of crude oil in the US in 1975 and the total cost of crude oil imported by the US in order to meet demands in this year?a)USD 49,500/dayb)USD 65,625/dayc)USD 96,750/day d)USD 53,625/day Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Directionfor question:Refer to the following information on prices and production of crude oil for the period 1973 – 80 and answer the questiongiven below. In the first graph, the lines show the prices of crude oil per barrel for domestic production and imports while the bars show the domestic price as a percentage of the import price. In the second graph, the bars show average production of barrels per day in the US and Non-OPEC countries, while the line shows the consumption of oil in the US.Q.What is the difference between the total cost of domestic production of crude oil in the US in 1975 and the total cost of crude oil imported by the US in order to meet demands in this year?a)USD 49,500/dayb)USD 65,625/dayc)USD 96,750/day d)USD 53,625/day Correct answer is option 'B'. Can you explain this answer?.
Directionfor question:Refer to the following information on prices and production of crude oil for the period 1973 – 80 and answer the questiongiven below. In the first graph, the lines show the prices of crude oil per barrel for domestic production and imports while the bars show the domestic price as a percentage of the import price. In the second graph, the bars show average production of barrels per day in the US and Non-OPEC countries, while the line shows the consumption of oil in the US.Q.What is the difference between the total cost of domestic production of crude oil in the US in 1975 and the total cost of crude oil imported by the US in order to meet demands in this year?a)USD 49,500/dayb)USD 65,625/dayc)USD 96,750/day d)USD 53,625/day Correct answer is option 'B'. Can you explain this answer? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about Directionfor question:Refer to the following information on prices and production of crude oil for the period 1973 – 80 and answer the questiongiven below. In the first graph, the lines show the prices of crude oil per barrel for domestic production and imports while the bars show the domestic price as a percentage of the import price. In the second graph, the bars show average production of barrels per day in the US and Non-OPEC countries, while the line shows the consumption of oil in the US.Q.What is the difference between the total cost of domestic production of crude oil in the US in 1975 and the total cost of crude oil imported by the US in order to meet demands in this year?a)USD 49,500/dayb)USD 65,625/dayc)USD 96,750/day d)USD 53,625/day Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Directionfor question:Refer to the following information on prices and production of crude oil for the period 1973 – 80 and answer the questiongiven below. In the first graph, the lines show the prices of crude oil per barrel for domestic production and imports while the bars show the domestic price as a percentage of the import price. In the second graph, the bars show average production of barrels per day in the US and Non-OPEC countries, while the line shows the consumption of oil in the US.Q.What is the difference between the total cost of domestic production of crude oil in the US in 1975 and the total cost of crude oil imported by the US in order to meet demands in this year?a)USD 49,500/dayb)USD 65,625/dayc)USD 96,750/day d)USD 53,625/day Correct answer is option 'B'. Can you explain this answer?.
Solutions for Directionfor question:Refer to the following information on prices and production of crude oil for the period 1973 – 80 and answer the questiongiven below. In the first graph, the lines show the prices of crude oil per barrel for domestic production and imports while the bars show the domestic price as a percentage of the import price. In the second graph, the bars show average production of barrels per day in the US and Non-OPEC countries, while the line shows the consumption of oil in the US.Q.What is the difference between the total cost of domestic production of crude oil in the US in 1975 and the total cost of crude oil imported by the US in order to meet demands in this year?a)USD 49,500/dayb)USD 65,625/dayc)USD 96,750/day d)USD 53,625/day Correct answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for CAT.
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Here you can find the meaning of Directionfor question:Refer to the following information on prices and production of crude oil for the period 1973 – 80 and answer the questiongiven below. In the first graph, the lines show the prices of crude oil per barrel for domestic production and imports while the bars show the domestic price as a percentage of the import price. In the second graph, the bars show average production of barrels per day in the US and Non-OPEC countries, while the line shows the consumption of oil in the US.Q.What is the difference between the total cost of domestic production of crude oil in the US in 1975 and the total cost of crude oil imported by the US in order to meet demands in this year?a)USD 49,500/dayb)USD 65,625/dayc)USD 96,750/day d)USD 53,625/day Correct answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Directionfor question:Refer to the following information on prices and production of crude oil for the period 1973 – 80 and answer the questiongiven below. In the first graph, the lines show the prices of crude oil per barrel for domestic production and imports while the bars show the domestic price as a percentage of the import price. In the second graph, the bars show average production of barrels per day in the US and Non-OPEC countries, while the line shows the consumption of oil in the US.Q.What is the difference between the total cost of domestic production of crude oil in the US in 1975 and the total cost of crude oil imported by the US in order to meet demands in this year?a)USD 49,500/dayb)USD 65,625/dayc)USD 96,750/day d)USD 53,625/day Correct answer is option 'B'. Can you explain this answer?, a detailed solution for Directionfor question:Refer to the following information on prices and production of crude oil for the period 1973 – 80 and answer the questiongiven below. In the first graph, the lines show the prices of crude oil per barrel for domestic production and imports while the bars show the domestic price as a percentage of the import price. In the second graph, the bars show average production of barrels per day in the US and Non-OPEC countries, while the line shows the consumption of oil in the US.Q.What is the difference between the total cost of domestic production of crude oil in the US in 1975 and the total cost of crude oil imported by the US in order to meet demands in this year?a)USD 49,500/dayb)USD 65,625/dayc)USD 96,750/day d)USD 53,625/day Correct answer is option 'B'. Can you explain this answer? has been provided alongside types of Directionfor question:Refer to the following information on prices and production of crude oil for the period 1973 – 80 and answer the questiongiven below. In the first graph, the lines show the prices of crude oil per barrel for domestic production and imports while the bars show the domestic price as a percentage of the import price. In the second graph, the bars show average production of barrels per day in the US and Non-OPEC countries, while the line shows the consumption of oil in the US.Q.What is the difference between the total cost of domestic production of crude oil in the US in 1975 and the total cost of crude oil imported by the US in order to meet demands in this year?a)USD 49,500/dayb)USD 65,625/dayc)USD 96,750/day d)USD 53,625/day Correct answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Directionfor question:Refer to the following information on prices and production of crude oil for the period 1973 – 80 and answer the questiongiven below. In the first graph, the lines show the prices of crude oil per barrel for domestic production and imports while the bars show the domestic price as a percentage of the import price. In the second graph, the bars show average production of barrels per day in the US and Non-OPEC countries, while the line shows the consumption of oil in the US.Q.What is the difference between the total cost of domestic production of crude oil in the US in 1975 and the total cost of crude oil imported by the US in order to meet demands in this year?a)USD 49,500/dayb)USD 65,625/dayc)USD 96,750/day d)USD 53,625/day Correct answer is option 'B'. Can you explain this answer? tests, examples and also practice CAT tests.
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