Fundamentals of Economics. Доловова Н.Н - 66 стр.

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УлГТУ | Ульяновск

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66
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Answer the questions
1. Which countries does much of the world's oil come from?
2. What happens when the supply of crude oil flowing from this region is
reduced?
3. What is OPEC?
4. What consequence did the rise in oil prices have in the mid-1970s in the USA?
5. How did oil prices change from 1973 to 1975?
6. What impact did it have on oil-importing countries?
7. What happened in the world market for oil in 1986?
8. How did it influence different economic processes?
9. Does oil price depend on political events? Give an example from the text.
10. What is the situation with the world market for oil in recent years?
Fill in the gaps using the words given
(retail clerk, accumulating, market, risk, limited, bankruptcy, simplified,
entrepreneurial)
1. Economic resources are _____ or scarce.
2. There is an apparent need for a _____ classification of such resources, which
w e shall meet w ith the follow ing categories: (1) property resources—land or raw
materials and capital; (2) human resources—labor and _____ ability.
3. The process of producing and _____ capital goods is known as investment.
4. Thus the services of a logger, _____, machinist, teacher, professional football
player, and nuclear physicist all fall under the general heading of labor.
5. The entrepreneur is a _____ bearer.
6. The reward for his or her time, efforts, and abilities may be attractive profits or
losses and eventual _____.
7. The world _____ for oil can also be a source of favorable shifts in aggregate
supply.

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