9708_s19_qp_23 Data OPEC Quiz

What is the change in oil production in Nigeria between 2015 and 2016, according to Fig. 1.1?

• Oil production has increased over the period

• Oil production has remained constant

• Oil production has fallen over the period

• Oil production has fluctuated irregularly

According to Fig. 1.1, what was the oil production in Nigeria around in 2015?

• Approximately 2.2 million barrels

• Approximately 3.0 million barrels

• Approximately 1.6 million barrels

• Approximately 1.0 million barrels

During which quarters in 2016 did the most rapid fall in oil production occur in Nigeria?

• Quarter 3 to Quarter 4

• Quarter 2 to Quarter 3

• Quarter 1 to Quarter 2

• Quarter 4 to Quarter 1

How did OPEC's decisions affect the world price of oil in 2014?

• Increased supply, leading to a fall in price

• Decreased supply, leading to a rise in price

• No impact on supply or price

• Fluctuated without a clear trend

In 2016, what was the impact of OPEC's decisions on the world price of oil?

• Increased supply, leading to a fall in price

• Decreased supply, leading to a rise in price

• No impact on supply or price

• Fluctuated without a clear trend

According to the information, why is the demand for OPEC's oil considered price inelastic?

• Rise in world price and rise in OPEC oil revenue

• Fall in world price and rise in OPEC oil revenue

• Fall in world price and fall in OPEC oil revenue

• Rise in world price and fall in OPEC oil revenue

What does the relationship between the percentage fall in price and the percentage rise in quantity demanded indicate?

• Price elasticity of demand is elastic

• Price elasticity of demand is inelastic

• Price elasticity of demand is perfectly elastic

• Price elasticity of demand is perfectly inelastic

Fig. 1.2 shows that production in Nigeria’s oil sector declined sharply from Q1 of 2016. During this period, total national output for Nigeria fell by an annual rate of only around 2%. What can be inferred from this about the relative importance of the non-oil sectors in Nigeria?

• The non-oil sector output declined at a higher rate than the oil sector.

• The non-oil sector output remained constant during the same period.

• The non-oil sector output increased despite the decline in the oil sector.

• The non-oil sector is relatively more important.

To what extent, according to the text, will OPEC be able to control the world price of oil?

• OPEC has complete control over the world price of oil.

• OPEC's influence is limited by external factors.

• OPEC's policies have no impact on the world price.

• OPEC's influence is undermined by internal conflicts and geopolitical factors.