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All questions

Total questions: 56

Worksheet time: 28mins

Name
Class
Date
1.

To transform 1 Gigajoule (GJ) into kWh we need to multiply/divide by

a)

Multiply by 1000

b)

Divide by 546.8

c)

Multiply by 277.8

d)

Divide by 1000

2.

Which of the following points does NOT increase the overall energy demand of a country?

a)

Population Growth

b)

Decrease of GDP per capita

c)

Overall efficiency increase

d)

Shift towards a more energy intensive economy

3.

What is NOT a factor for forecasting the long-term energy demand?

a)

Increase in population

b)

Increase in per capita income

c)

Increase in energy intensity

d)

Increasing investment in renewable energies

4.

What does NOT drive short-term energy demand?

a)

Short term price changes

b)

Weather

c)

Type of day

d)

Time of the year

5.

What does the LCOE tell us?

a)

Expenditures of our powerplant

b)

Electricity price to break even

c)

Minimum electricity price to make profits

d)

Return on investment (ROI) of the power plant project

6.

What is not part of the LCOE?

a)

Costs of the architect

b)

Efficiency

c)

Market price of power

d)

Cost of capital

7.

Which of the following fuels has the lowest carbon footprint?

a)

Coal

b)

Petroleum

c)

Nuclear

d)

Natural Gas

8.

The estimated reserves (in years) for coal exceed other fuels like gas and oil by far. By how many times?

a)

Twice

b)

Around 8 times

c)

Around 15 times

d)

Around 100 times

9.

What is not part of the business model of an oil major/supermajor?

a)

Mining

b)

Refining

c)

Distribution

d)

Exploration

10.

What is the probably riskiest business model in Energy Markets?

a)

TSO

b)

Independent power producer

c)

Independent retailer

d)

DSO

11.

How is the unit of power [Watt] defined?

a)

Liter/Second

b)

kWh

c)

Joule/Second

d)

Joule

12.

How many Watt are 1 Giga-Watt [GW]?

a)

1x10^3 Watt

b)

1x10^6 Watt

c)

10 000 Watt

d)

1x10^9 Watt

13.

What is not a frequently used energy unit?

a)

Wh

b)

Joule/Second

c)

TOE

d)

Joule

14.

How does the monopolist maximise his profits?

a)

Setting demand and supply equal

b)

Setting costs and demand equal

c)

Setting marginal cost and marginal revenue equal

d)

By maximising the total surplus

15.

How can energy demand per capita be derived from our forecasting model?

a)

Per capita income x Population

b)

Energy Intensity x GDP

c)

Population x Energy Intensity

d)

Per capita income x Energy Intensity

16.

How can the demand elasticity be defined?

a)

dqp×dpq\frac{\text{d}q}{\text{p}}\times\frac{\text{d}p}{\text{q}}  

b)

dqdp×qp\frac{\text{d}q}{\text{d}p}\times\frac{q}{p}  

c)

Percentage change in quantity as a result of a 1% change in price

d)

dpdq×dqdp\frac{\text{d}p}{\text{d}q}\times\frac{\text{d}q}{\text{d}p}  

17.

What is not part of oil and gas generation?

a)

Organic rich material

b)

Sunlight

c)

Pressure

d)

Temperature

18.

From the firms perspective, by which factor does the EMV change with state participation in risk?

a)

+ ((1 - SP) x E)

b)

+ (SP x E)

c)

(P x NPV) - E

d)

- ((1 - SP) x E)

19.

What is not a form of coal mining?

a)

Underground mining

b)

Surface mining

c)

Mountaintop removal mining

d)

Underwater mining

20.

What is the "Winner's curse"?

a)

Winning an auction due to an underestimate

b)

Winning an auction due to a small bid

c)

Winning an auction due to an overestimate

d)

Having two winners at a simultaneous auction

21.

What's not part of the E&P value chain?

a)

Application for licenses

b)

Exploration phase

c)

Excavation phase

d)

Development

22.

The LCOE of a PV gets lower when...

a)

size is decreased.

b)

we have a high market price.

c)

size is increased.

d)

we have a low market price.

23.

An increase in interest rate means for the LCOE:

a)

it goes down.

b)

we cannot decide whether it goes up or down.

c)

it goes up.

d)

it does not play any role.

24.

Which of the following factors in the structure of LCOE leaves us without any information on the direction of change:

a)

increase in investment costs with reduction in maintenance & operation costs.

b)

an increase in efficiency.

c)

lower prices for emission certificates.

d)

an increase of the assumed lifespan of the plant.

25.

What happens if we oblige a company to bear the costs of its emissions? (multiple correct answers)

a)

The company can increase its profits.

b)

Consumers do actually lose.

c)

The company makes less profit.

d)

The government earns taxes.

26.

What is the probably most efficient way to put a price on emissions?

a)

Limiting production quantities.

b)

Emissions trading scheme.

c)

Put a tax on the emitting products.

d)

Establish property rights for clean air.

27.

How does an increase in WACC influence the EMV?

a)

Depends on the party (government or company)

b)

It will always increase EMV

c)

It will always decrease EMV

d)

It does not influence EMV at all

28.

What is not a method for transforming resources to reserves?

a)

Rising prices of the resource

b)

New extraction technologies

c)

Discovery of new resources

d)

Decreasing cost of extraction

29.

How do companies act in Cournot competition?

a)

They maximise profits over prices they take from their competition

b)

They maximise profits over quantity given the expected costs of their competitors

c)

They maximise profits over prices given the expected costs of their competitors

d)

They maximise the social benefit forming a cartel with their competitors

30.

Compared to a monopoly, the perfect market does not offer:

a)

Lower prices

b)

Higher quantity

c)

Higher consumer surplus

d)

Higher producer surplus

31.

How are quantities and prices in a duopoly compared to the monopoly (M) and perfect market (PM)?

a)

Prices: Lower than M, higher than PM

Quantities: Lower than M, higher than PM

b)

Prices: Lower than M, higher than PM

Quantities: Higher than M, lower than PM

c)

Prices: Higher than M, higher than PM

Quantities: Lower than M, lower than PM

d)

Prices: Lower than M, lower than PM

Quantities: Higher than M, higher than PM

32.

Where do market prices usually lie compared to SRMC and LRMC?

a)

In between them

b)

Higher than LRMC and SRMC

c)

Higher than LRMC

d)

Lower than SRMC

33.

What does usually happen to SRMC and LRMC in the case of a field dropping out?

a)

Both of them increase

b)

One of them increases

c)

Both of them decrease

d)

One of them decreases

34.

What is not part of a boom & bust cycle?

a)

Some producers facing losses

b)

All producers making profit

c)

Entry of new participant & exit of old ones

d)

Prices decreasing below the SRMC

35.

What is not a base assumption of perfect markets?

a)

Many buyers and sellers

b)

Suppliers are price-takers

c)

Market power of participants

d)

Homogeneous goods

36.

Which key characteristic makes energy markets relatively complicated?

a)

Oligopol structure

b)

Inelastic demand meets inelastic supply

c)

Volatility of prices

d)

Cost structure with high fixed costs

37.

What is not a property of a prisoners dilemma?

a)

A Nash equilibrium

b)

A dominant strategy equilibrium

c)

A non-optimal social outcome

d)

An optimal social outcome

38.

Where will prices for the extraction of oil settle usually?

a)

Constant in between SRMC and LRMC

b)

At the LRMC

c)

At the SRMC

d)

Moving between SRMC and LRMC

39.

What is not a reason for a decline in oil prices?

a)

Decrease in demand

b)

Increase in supply

c)

Intentional lowering of prices

d)

Dropout of producing firms

40.

What is the worst situation for consumers when it comes to the elasticity of demand in a monopoly?

a)

A value of exactly 1

b)

Any value below 1

c)

A value of 10

d)

Any value above 1

41.

What does the US oil rig count tell us?

a)

The amount of oil produced per month

b)

The number of wells being drilled per month

c)

The number of active wells per month

d)

The price per barrel of oil per month

42.

What does not have an effect on the rig count?

a)

Future oil price

b)

Oil price

c)

Production

d)

Current rig count

43.

What is not a factor in the decision of a solar investment in a private household?

a)

Investment cost

b)

Interest rate

c)

Production quantity

d)

Grid stability

44.

What cannot be inferred from the cross-price elasticity?

a)

Whether goods are complements or substitutes

b)

Percentage change in demand of good 2, given the change in price of good 1

c)

Direction of price change for good 2, given the change in price of good 1

d)

Exact price of good 2, given the price of good 1

45.

Which type of renewable is not a thermal power plant?

a)

Solar thermal plants

b)

Biogas plants

c)

Geothermal plants

d)

Hydropower plants

46.

Of the following, which plant type has the lowest LCOE?

a)

PV installation

b)

Lignite power plant

c)

CCGT

d)

Solar thermal power plant

47.

Which renewable has a marginal cost higher than 0?

a)

Biogas plant

b)

Solar thermal plant

c)

Wind farm

d)

Run-of-river plant

48.

What does fungibility not imply?

a)

Provides for liquidity

b)

Allows for organized markets

c)

Leads to the development of standard contracts

d)

Makes a good a commodity

49.

Which of the following financial instruments makes use of the clearing house?

a)

Forwards

b)

Options

c)

Futures

d)

Commodities

50.

Which of the following gas hubs is not in Europe?

a)

National Balancing Point

b)

Henry Hub

c)

Title Transfer Facility

d)

Net Connect Germany

51.

What does NOT make electricity special when compared to other commodities?

a)

Timing of delivery is crucial

b)

Need for strict balancing

c)

Not storable

d)

High spot price volatility

52.

Which of the following is not a financial risk?

a)

Price risk

b)

Credit risk

c)

Liquidity risk

d)

Operational risk

53.

Which of the following comes usually first in the merit order curve?

a)

Hydro

b)

Nuclear

c)

CCGT

d)

Hard Coal

54.

What does NOT influence the merit order in short run?

a)

Weather

b)

Season

c)

Maintenance and failure of plants

d)

Regulation

55.

What does NOT influence the merit order in the long run

a)

Technological change

b)

Regulation

c)

Changes in capacity

d)

Weather

56.

Which of the following is the correct name for the margin of already CO2 compensated natural gas?

a)

Dark spread

b)

Spark spread

c)

Clean bread spread

d)

Clean spark spread

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