A-LevelEconomicsBasic economic ideas and resource allocation9708/12 · May/June 2016 · Q11 Mark
In 2007 there was a worldwide shortage of oil. The diagram shows the consumption and production of oil (billion tonnes) in 2007 for selected countries. [Figure X.X] 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 had zero opportunity cost.
BIn Japan, there was self-sufficiency in oil.
CIn Russia, there was no shortage of oil.
DIn the United States, rationing was the only solution to oil shortage.
✓ Correct answer
C: In Russia, there was no shortage of oil.
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