Delineate your responses by question and subpart where warranted. For example, 1(a), 1(b), etc. Failure to do so forces me to fish for the answers. Failure to delineate your responses by question and subpart will result in the forfeiture of 5 points. Just do it. Oil markets have been extremely volatile over the last year or so, and will in all probability, continue to be volatile in the foreseeable future. Explain how demand and supply analysis can be used to explain the trend line in the price of West Texas Intermediate oil, priced in dollars per barrel. Can oil producers quickly add to supply should prices increase? Explain. How does the theory of comparative advantage explain the potential benefits of international trade? How can politicians use the theory of absolute advantage to gain popular support for trade restrictions?
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