Question 1

Speculation likely does not have a large effect on oil prices because of:

Accepted Answer

A)   A misunderstanding of futures contracts
B)   High storage costs
C)   The discovery of fracking
D)   The invention of electric automobilesE) A) and D)
F) A) and B)

Question 2

The term "peak oil" refers to:

Accepted Answer

A)   The point where oil reaches its highest price
B)   Oil that is mined from mountains
C)   The point at which an oil well or field reaches its point of maximum production
D)   The point where the oil futures markets reaches its highlest levelE) A) and C)
F) All of the above

Question 3

Which country has added most to global oil demand in recent years?

Accepted Answer

A)   USA
B)   China
C)   United Kingdom
D)   GermanyE) C) and D)
F) All of the above

Question 4

Which of these has the least impact on the price of fuel?

Accepted Answer

A)   Refinement costs
B)   Crude oil costs
C)   Storage costs
D)   Interest ratesE) A) and B)
F) None of the above

Question 5

If the demand for fuel is constant, and OPEC reduces oil production, then fuel prices will:

Accepted Answer

A)   It depends on the elasticity of demand
B)   Not be impacted
C)   Rise
D)   FallE) A) and B)
F) B) and D)

Question 6

The demand for oil tends to be:

Accepted Answer

A)   Perfectly elastic
B)   Perfectly inelastic
C)   Relatively elastic
D)   Relatively inelasticE) C) and D)
F) B) and D) D

Question 7

In the United States, fuel prices often rise during:

Accepted Answer

A)   Recessions
B)   Wintertime
C)   National holidays
D)   Presidential electionsE) None of the above
F) C) and D) C

Question 8

An increase in supply leads to a larger price change when the demand curve is:

Accepted Answer

A)   Elastic
B)   Inelastic
C)   Highly responsive to price changes
D)   Relatively flatE) A) and B)
F) C) and D)

Question 9

Which of these is unique about gasoline prices?

Accepted Answer

A)   They displayed visibly and publicly for all to see
B)   They change every month
C)   Consumers react negatively to price increases
D)   Consumers closely track the prices of gasolineE) A) and B)
F) All of the above A

Question 10

Which of the following factors usually has the greatest impact on the price of fuel?

Accepted Answer

A)   Refinement costs
B)   Crude oil costs
C)   Storage costs
D)   Distribution costsE) B) and D)
F) B) and C)

Exam 10: Oil

Speculation likely does not have a large effect on oil prices because of:

Correct Answer
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The term "peak oil" refers to:

Correct Answer
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Which country has added most to global oil demand in recent years?

Correct Answer
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Which of these has the least impact on the price of fuel?

Correct Answer
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If the demand for fuel is constant, and OPEC reduces oil production, then fuel prices will:

Correct Answer
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The demand for oil tends to be:

Correct Answer
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D

In the United States, fuel prices often rise during:

Correct Answer
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C

An increase in supply leads to a larger price change when the demand curve is:

Correct Answer
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Which of these is unique about gasoline prices?

Correct Answer
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A

Which of the following factors usually has the greatest impact on the price of fuel?

Correct Answer
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Exam 10: Oil

Speculation likely does not have a large effect on oil prices because of:

Correct AnswerverifiedShow Answer

The term "peak oil" refers to:

Correct AnswerverifiedShow Answer

Which country has added most to global oil demand in recent years?

Correct AnswerverifiedShow Answer

Which of these has the least impact on the price of fuel?

Correct AnswerverifiedShow Answer

If the demand for fuel is constant, and OPEC reduces oil production, then fuel prices will:

Correct AnswerverifiedShow Answer

The demand for oil tends to be:

Correct AnswerverifiedD

In the United States, fuel prices often rise during:

Correct AnswerverifiedC

An increase in supply leads to a larger price change when the demand curve is:

Correct AnswerverifiedShow Answer

Which of these is unique about gasoline prices?

Correct AnswerverifiedA

Which of the following factors usually has the greatest impact on the price of fuel?

Correct AnswerverifiedShow Answer

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D

Correct Answer
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C

Correct Answer
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A

Correct Answer
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