O-LevelEconomicsInternational trade and globalisation2281/11 · May/June 2014 · Q301 Mark
Countries in Europe were in a recession in 2012. Usually a recession would mean oil prices fall. In fact in 2012, oil prices rose. Which international events might have explained these changes?
AEuropean industrial production declined China increased its car production
BIndia invested huge amounts in road building Japan's economy had negative growth
CMiddle East conflicts made oil supplies uncertain Saudi Arabia increased oil production
Dnew oil exploration in Poland was successful demand for alternative fuels increased
✓ Correct answer
A: European industrial production declined China increased its car production
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