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Direction: Refer the following carefully and answer the question that follows.

If oil supply disintegrates, international oil prices will increase as a result, domestic oil prices in the open market countries such as the United States will increase, even if those countries import all or any of their oils.

If true in the statement passed in the context of the oil-supply dispute, which of the following policies in the open-market nation can reduce the long-term economic impact on the sharp and unexpected increase in international oil prices?


1. Maintain the number of imported oils continuously at the annual level.
2. Increase the number of oil tankers in a fleet.
3. To suspend diplomatic relations with major oil producing countries
4. Reduce oil consumption by conservation.
5. Domestic production reduction of oil.

1 Answer

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Correct Answer - Option 4 : Reduce oil consumption by conservation.

If the statement of oil-supply dispute is true, then the increase in international oil prices will increase domestic oil prices in open market countries due to oil-supply interference. The decline in the amount of oil in the open-market country can reduce the economic performance of this increases. D gives way to reduce Oil consumption so it is an appropriate option. A and E describes the policies that actually increase the long-term impact of international oil prices increases, so none of these choices are suitable. There is no relation between economic impact and the number of oil tankers or diplomatic relations in B and C, so B and C are not suitable options.

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