A-LevelEconomicsBasic economic ideas and resource allocation9708/12 · May/June 2023 · Q71 Mark
There is a worldwide shortage of oil. The diagram shows the consumption and production of oil (billion tonnes) for selected countries. [Figure 7.1] What can be concluded from the diagram?
This question uses a diagram from the original paper, which isn't shown here. Open the full paper from the past papers archive to see it.
AIn Britain, oil has zero opportunity cost.
BIn Japan, there is self-sufficiency in oil.
CIn Russia, there is no shortage of oil.
DIn the United States, rationing is the only solution to oil shortage.
✓ Correct answer
C: In Russia, there is no shortage of oil.
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