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Lecture 6

ECON 132 Lecture Notes - Lecture 6: Pradeep Khosla, BpExam


Department
Economics
Course Code
ECON 132
Professor
Richard Carson
Lecture
6

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Name _________________________
Student Number _______________________
ECON 132: QUIZ 2 (CORRECT ANSWER IN BOLD)
1. The person the theory of peak oil is named after is:
(A) Bill Barr (B) M. King Hubbert (C) Pradeep Khosla (D) James Perry
2. One of the two largest exporters of oil in the world is _RUSSIA OR SAUDI ARABIA .
3. The law of one price and the ability to ship oil around the world suggests that oil prices will be the
same everywhere after taking account of transportation cost, taxes and tariffs, and differences in oil
quality.
TRUE FALSE
4. Recovery factors for well managed oil fields are typically below 10%.
TRUE FALSE
5. The member of OPEC who left the cartel because they became a net importer of oil:
(A) Indonesia (B) Mexico (C) Nigeria (D) Saudi Arabia
6. The largest importer of oil in the world is currently _CHINA OR UNITED STATES. (either country
accepted as correct answer)
7. OPEC is a:
(A) Cartel (B) Coalition of Shite Oil Producers (C) Duopoly `(D) Monopoly
8. The U.S. oil company that was broken up into smaller companies in a 1911 antitrust lawsuit was:
(A) British Petroleum (B) Shell (C) Standard Oil (D) Texaco
9. The authors of your reading U.S. Military Expenditures to Protect the Use of Persian Gulf Oil for
Motor Vehicles are:
(a) Brando and Streep (B) Carson and Hamilton (C) Delucchi and Murphy (D) Kelly and Jones
10. OPEC was started in 2003 as a result of the second Gulf War.
TRUE FALSE
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