Which one of the following countries is the largest oil consumer of the world ?

Related Mcqs:

1. Refer to Exhibit 4. Suppose that the consumer must choose between buying socks and belts Also suppose that the consumer’s income is €100 If the price of a belt is €10 and the price of a pair of socks is €5, the consumer will choose to buy the commodity bundle represented b point ?

   A. Z B. X C. Y D. the optimal point cannot be determined from this graph...

2. For the oil-importing countries, the increase in oil prices in 1970s and early 2000s contributed to all of the following except ?

   A. balance of trade deficits B. price inflation C. constrained economic growth D. improving terms of trade...

3. The world’s largest oil refinery of the world is located at ?

   A. Lagos (Nigeria) B. Riyadh (Saudi Arabia) C. Tabriz (Iran) D. Abadan (Iran)...

4. With free trade, suppose that the rest of the world can supply calculators to Canada at a price of $30. Canada’s imports would now equal _____ and its consumer surplus would ____ relative to what occurred in the absence of trade. What is the change in consumer surplus? Refer to the figure that you have plotted ?

   A. 20 calculators increase B. 25 calculators decrease C. 25 calculators increase D. 30 calculators increase...

5. If two countries A and B are member of a currency union and there is a shift in consumer preferences away from the goods of country A and towards those of country B than which one of the following would help to offset the effect of the resulting changes in aggregate demand in A and B on inflation and unemployment in the tow countries ?

   A. A high degree of labour mobility between the tow countries B. An increase in government spending in country (A) C. A depreciation in the foreign exchange value of the common currency D. A low degree of capital mobility between the two countries...

6. An export quota agreement to stabilize the price of bauxite tends to be more successful when the member producer countries as a percentage of the world’s producer countries is __________ and the _________ it is for the member producer countries to store/stock pile bauxite?

   A. relatively small; more difficult B. relatively small; easier C. relatively large; more difficult D. relatively large; easier...

7. Which of the following countries leads the world in the export of oil ?

   A. Iran B. Iraq C. Saudi Arabia D. Venezuela...

8. Which country is the largest oil producer in the world ?

   A. Kuwait B. USA C. Russia D. Saudi Arabia...

9. If an increase in a consumer’s income causes the consumer to increase his quantity demand of a good, then the good is ?

   A. a complementary good B. an inferior good C. a normal good D. a substitute good...

10. Refer to Exhibit 4, Suppose that the consumer must choose between buying socks and belts Also suppose that the consumer’s income is €100 Suppose that the price of a pair of socks falls from €5 to €2 The income effect is represented by the movement from point ?

    A. X to point Y B. X to point Z C. Y to point X D. Z to point X...