Question 1

Which country is the largest producer of oil in the world?

Accepted Answer

United States

Answer

Saudi Arabia

Answer

Canada

Answer

Russia

Question 2

Who controls the oil prices?

Accepted Answer

OPEC

Answer

Individual countries

Answer

The United Nations

Answer

Oil companies

Question 3

What factors influence oil prices?

Accepted Answer

Supply and demand

Answer

The weather

Answer

Number of gas stations

Answer

Color of the oil

Question 4

Which organization is known for coordinating oil production among its member countries?

Accepted Answer

OPEC

Answer

NAFTA

Answer

WHO

Answer

NATO

Question 5

What is a major reason for fluctuations in oil prices?

Accepted Answer

Geopolitical events

Answer

Animal migration

Answer

Seasonal changes

Answer

Internet usage

Question 6

What happens to oil prices when there is a natural disaster that affects production?

Accepted Answer

They often increase

Answer

They decrease

Answer

They remain the same

Answer

They become unpredictable

Question 7

What is the term for the amount of oil that is available for sale in the market?

Accepted Answer

Supply

Answer

Price

Answer

Production

Answer

Demand

Question 8

What economic principle explains why oil prices rise when demand exceeds supply?

Accepted Answer

Law of Supply and Demand

Answer

Law of Conservation

Answer

Law of Motion

Answer

Law of Gravity

Question 9

What is the role of oil companies in setting oil prices?

Accepted Answer

They influence prices based on production levels

Answer

They control prices directly

Answer

They set prices without regard to supply

Answer

They have no effect on prices

Question 10

What can cause oil prices to drop significantly?

Accepted Answer

Increased production

Answer

Decreased demand

Answer

Political instability

Answer

Natural disasters

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