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- Question 1 of 15
1. Question
Directions : Read the following passage carefully and answer the questions given below it. Certain words/phrases have been printed in bold to help you locate them while answering some of the questions.
Goldman Sachs predicted that crude oil price would hit $ 200 and just as it appeared that alternative renewable energy had a chance of becoming an economically viable option, the international price of oil fell by over 70%. After hitting the all-time high of $147 a barrel, a month ago, crude fell to less than $40 a barrel. What explains this sharp decline in the international price of oil? There has not been any major new discovery of a hitherto unknown source of oil or gas. The short answer is that the demand does not have to fall by a very sizeable quantity for the price of crude to respond as it did. In the short run, the price elasticity of demand for crude oil is very low. Conversely, in the short run, even a relatively big change in the price of oil does not immediately lower consumption. It takes months, or years, of high oil price to inculcate habits of energy conservation. World crude oil price had remained at over $60 a barrel for most of 2005-07 without making any major dent in demand.
The long answer is more complex. The economic slowdown in the US, Europe and Asia along with dollar depreciation and commodity speculation have all had some role in the downward descent in the international price of oil. In recent years, the supply of oil has been rising but not enough to catch up with the rising demand, resulting in an almost vertical escalation in its price. The number of crude oil futures and options contracts have also increased manifold, which has led to significant speculation in the oil market. In comparison, the role of the Organization of Petroleum Exporting Countries (OPEC) in fixing crude price has considerably weakened. OPEC in often accused of operating as a cartel restricting output, thus keeping prices artificially high. It did succeed in setting the price of crude during the 1970s and the first half of the ‘80s. But, with increased futures trading and contracts, the control of crude pricing has moved from OPEC to banks and markets that deal with futures trading and contracts. It is true that most oil exporting regions of the world have remained politically unstable, fuelling speculation over the price of crude. But there is little evidence that the geopolitical uncertainties in west Asia have improved to weaken the price of oil. Threatened by the downward slide of oil price, OPEC has, in fact, announced its decision to curtail output.
However, most oil importers will heave a sigh of relief as they find their oil import bills decline except for those who bought options to import oil at prices higher than market prices. Exporting nations, on the other hand, will see their economic prosperity slip. Relatively low price of crude is also bad news for investments in alternative renewable energy that cannot compete with cheaper and non-renewable sources of energy.
Q.1 – Why are oil-importing countries relieved?
CorrectExplanation : Read the 1st sentence of the 3rd Paragraph. इन Countries का Import लागत कम हुआ है
IncorrectExplanation : Read the 1st sentence of the 3rd Paragraph. इन Countries का Import लागत कम हुआ है
UnattemptedExplanation : Read the 1st sentence of the 3rd Paragraph. इन Countries का Import लागत कम हुआ है
- Question 2 of 15
2. Question
Goldman Sachs predicted that crude oil price would hit $ 200 and just as it appeared that alternative renewable energy had a chance of becoming an economically viable option, the international price of oil fell by over 70%. After hitting the all-time high of $147 a barrel, a month ago, crude fell to less than $40 a barrel. What explains this sharp decline in the international price of oil? There has not been any major new discovery of a hitherto unknown source of oil or gas. The short answer is that the demand does not have to fall by a very sizeable quantity for the price of crude to respond as it did. In the short run, the price elasticity of demand for crude oil is very low. Conversely, in the short run, even a relatively big change in the price of oil does not immediately lower consumption. It takes months, or years, of high oil price to inculcate habits of energy conservation. World crude oil price had remained at over $60 a barrel for most of 2005-07 without making any major dent in demand.
The long answer is more complex. The economic slowdown in the US, Europe and Asia along with dollar depreciation and commodity speculation have all had some role in the downward descent in the international price of oil. In recent years, the supply of oil has been rising but not enough to catch up with the rising demand, resulting in an almost vertical escalation in its price. The number of crude oil futures and options contracts have also increased manifold, which has led to significant speculation in the oil market. In comparison, the role of the Organization of Petroleum Exporting Countries (OPEC) in fixing crude price has considerably weakened. OPEC in often accused of operating as a cartel restricting output, thus keeping prices artificially high. It did succeed in setting the price of crude during the 1970s and the first half of the ‘80s. But, with increased futures trading and contracts, the control of crude pricing has moved from OPEC to banks and markets that deal with futures trading and contracts. It is true that most oil exporting regions of the world have remained politically unstable, fuelling speculation over the price of crude. But there is little evidence that the geopolitical uncertainties in west Asia have improved to weaken the price of oil. Threatened by the downward slide of oil price, OPEC has, in fact, announced its decision to curtail output.
However, most oil importers will heave a sigh of relief as they find their oil import bills decline except for those who bought options to import oil at prices higher than market prices. Exporting nations, on the other hand, will see their economic prosperity slip. Relatively low price of crude is also bad news for investments in alternative renewable energy that cannot compete with cheaper and non-renewable sources of energy.
Q.2 – Which of the following factors is responsible for rise in speculation in crude oil markets?
(A) OPEC has not been able to restrict the oil output and control prices.
(B) The supply of oil has been rising to match demand.
(C) Existence of large number of oil futures and oil contractsCorrectExplanation : Read the 4th sentence of the 2nd Paragraph.
IncorrectExplanation : Read the 4th sentence of the 2nd Paragraph.
UnattemptedExplanation : Read the 4th sentence of the 2nd Paragraph.
- Question 3 of 15
3. Question
Goldman Sachs predicted that crude oil price would hit $ 200 and just as it appeared that alternative renewable energy had a chance of becoming an economically viable option, the international price of oil fell by over 70%. After hitting the all-time high of $147 a barrel, a month ago, crude fell to less than $40 a barrel. What explains this sharp decline in the international price of oil? There has not been any major new discovery of a hitherto unknown source of oil or gas. The short answer is that the demand does not have to fall by a very sizeable quantity for the price of crude to respond as it did. In the short run, the price elasticity of demand for crude oil is very low. Conversely, in the short run, even a relatively big change in the price of oil does not immediately lower consumption. It takes months, or years, of high oil price to inculcate habits of energy conservation. World crude oil price had remained at over $60 a barrel for most of 2005-07 without making any major dent in demand.
The long answer is more complex. The economic slowdown in the US, Europe and Asia along with dollar depreciation and commodity speculation have all had some role in the downward descent in the international price of oil. In recent years, the supply of oil has been rising but not enough to catch up with the rising demand, resulting in an almost vertical escalation in its price. The number of crude oil futures and options contracts have also increased manifold, which has led to significant speculation in the oil market. In comparison, the role of the Organization of Petroleum Exporting Countries (OPEC) in fixing crude price has considerably weakened. OPEC in often accused of operating as a cartel restricting output, thus keeping prices artificially high. It did succeed in setting the price of crude during the 1970s and the first half of the ‘80s. But, with increased futures trading and contracts, the control of crude pricing has moved from OPEC to banks and markets that deal with futures trading and contracts. It is true that most oil exporting regions of the world have remained politically unstable, fuelling speculation over the price of crude. But there is little evidence that the geopolitical uncertainties in west Asia have improved to weaken the price of oil. Threatened by the downward slide of oil price, OPEC has, in fact, announced its decision to curtail output.
However, most oil importers will heave a sigh of relief as they find their oil import bills decline except for those who bought options to import oil at prices higher than market prices. Exporting nations, on the other hand, will see their economic prosperity slip. Relatively low price of crude is also bad news for investments in alternative renewable energy that cannot compete with cheaper and non-renewable sources of energy.
Q.3 – What does the phrase “the price elasticity of demand for crude oil is very low” imply?
CorrectExplanation : It’s Meaning – कि मांग में तात्कालिक उतर चढाव Oil की कीमतों पर बहुत अधिक प्रभाव नहीं डालता.
IncorrectExplanation : It’s Meaning – कि मांग में तात्कालिक उतर चढाव Oil की कीमतों पर बहुत अधिक प्रभाव नहीं डालता.
UnattemptedExplanation : It’s Meaning – कि मांग में तात्कालिक उतर चढाव Oil की कीमतों पर बहुत अधिक प्रभाव नहीं डालता.
- Question 4 of 15
4. Question
Goldman Sachs predicted that crude oil price would hit $ 200 and just as it appeared that alternative renewable energy had a chance of becoming an economically viable option, the international price of oil fell by over 70%. After hitting the all-time high of $147 a barrel, a month ago, crude fell to less than $40 a barrel. What explains this sharp decline in the international price of oil? There has not been any major new discovery of a hitherto unknown source of oil or gas. The short answer is that the demand does not have to fall by a very sizeable quantity for the price of crude to respond as it did. In the short run, the price elasticity of demand for crude oil is very low. Conversely, in the short run, even a relatively big change in the price of oil does not immediately lower consumption. It takes months, or years, of high oil price to inculcate habits of energy conservation. World crude oil price had remained at over $60 a barrel for most of 2005-07 without making any major dent in demand.
The long answer is more complex. The economic slowdown in the US, Europe and Asia along with dollar depreciation and commodity speculation have all had some role in the downward descent in the international price of oil. In recent years, the supply of oil has been rising but not enough to catch up with the rising demand, resulting in an almost vertical escalation in its price. The number of crude oil futures and options contracts have also increased manifold, which has led to significant speculation in the oil market. In comparison, the role of the Organization of Petroleum Exporting Countries (OPEC) in fixing crude price has considerably weakened. OPEC in often accused of operating as a cartel restricting output, thus keeping prices artificially high. It did succeed in setting the price of crude during the 1970s and the first half of the ‘80s. But, with increased futures trading and contracts, the control of crude pricing has moved from OPEC to banks and markets that deal with futures trading and contracts. It is true that most oil exporting regions of the world have remained politically unstable, fuelling speculation over the price of crude. But there is little evidence that the geopolitical uncertainties in west Asia have improved to weaken the price of oil. Threatened by the downward slide of oil price, OPEC has, in fact, announced its decision to curtail output.
However, most oil importers will heave a sigh of relief as they find their oil import bills decline except for those who bought options to import oil at prices higher than market prices. Exporting nations, on the other hand, will see their economic prosperity slip. Relatively low price of crude is also bad news for investments in alternative renewable energy that cannot compete with cheaper and non-renewable sources of energy.
Q.4 – Which of the following is/are TRUE in the context of the passage?
(A) The decline in oil prices has benefited all countries.
(B) Renewable energy sources are costlier than non-renewable ones.
(C) Lack of availability of alternative renewable energy resulted in rise in demand for crude.CorrectExplanation : Statement (A) Last Paragraph के 1st sentence के आधार पर wrong है जबकि (C) की Passage में कही चर्चा नहीं हुई है (B) Passage के last sentence के आधार पर सही है
IncorrectExplanation : Statement (A) Last Paragraph के 1st sentence के आधार पर wrong है जबकि (C) की Passage में कही चर्चा नहीं हुई है (B) Passage के last sentence के आधार पर सही है
UnattemptedExplanation : Statement (A) Last Paragraph के 1st sentence के आधार पर wrong है जबकि (C) की Passage में कही चर्चा नहीं हुई है (B) Passage के last sentence के आधार पर सही है
- Question 5 of 15
5. Question
Goldman Sachs predicted that crude oil price would hit $ 200 and just as it appeared that alternative renewable energy had a chance of becoming an economically viable option, the international price of oil fell by over 70%. After hitting the all-time high of $147 a barrel, a month ago, crude fell to less than $40 a barrel. What explains this sharp decline in the international price of oil? There has not been any major new discovery of a hitherto unknown source of oil or gas. The short answer is that the demand does not have to fall by a very sizeable quantity for the price of crude to respond as it did. In the short run, the price elasticity of demand for crude oil is very low. Conversely, in the short run, even a relatively big change in the price of oil does not immediately lower consumption. It takes months, or years, of high oil price to inculcate habits of energy conservation. World crude oil price had remained at over $60 a barrel for most of 2005-07 without making any major dent in demand.
The long answer is more complex. The economic slowdown in the US, Europe and Asia along with dollar depreciation and commodity speculation have all had some role in the downward descent in the international price of oil. In recent years, the supply of oil has been rising but not enough to catch up with the rising demand, resulting in an almost vertical escalation in its price. The number of crude oil futures and options contracts have also increased manifold, which has led to significant speculation in the oil market. In comparison, the role of the Organization of Petroleum Exporting Countries (OPEC) in fixing crude price has considerably weakened. OPEC in often accused of operating as a cartel restricting output, thus keeping prices artificially high. It did succeed in setting the price of crude during the 1970s and the first half of the ‘80s. But, with increased futures trading and contracts, the control of crude pricing has moved from OPEC to banks and markets that deal with futures trading and contracts. It is true that most oil exporting regions of the world have remained politically unstable, fuelling speculation over the price of crude. But there is little evidence that the geopolitical uncertainties in west Asia have improved to weaken the price of oil. Threatened by the downward slide of oil price, OPEC has, in fact, announced its decision to curtail output.
However, most oil importers will heave a sigh of relief as they find their oil import bills decline except for those who bought options to import oil at prices higher than market prices. Exporting nations, on the other hand, will see their economic prosperity slip. Relatively low price of crude is also bad news for investments in alternative renewable energy that cannot compete with cheaper and non-renewable sources of energy.
Q.5 – What has the impact of the drop in oil prices been?
CorrectExplanation : Read the last sentence of the 2nd Paragraph.
IncorrectExplanation : Read the last sentence of the 2nd Paragraph.
UnattemptedExplanation : Read the last sentence of the 2nd Paragraph.
- Question 6 of 15
6. Question
Goldman Sachs predicted that crude oil price would hit $ 200 and just as it appeared that alternative renewable energy had a chance of becoming an economically viable option, the international price of oil fell by over 70%. After hitting the all-time high of $147 a barrel, a month ago, crude fell to less than $40 a barrel. What explains this sharp decline in the international price of oil? There has not been any major new discovery of a hitherto unknown source of oil or gas. The short answer is that the demand does not have to fall by a very sizeable quantity for the price of crude to respond as it did. In the short run, the price elasticity of demand for crude oil is very low. Conversely, in the short run, even a relatively big change in the price of oil does not immediately lower consumption. It takes months, or years, of high oil price to inculcate habits of energy conservation. World crude oil price had remained at over $60 a barrel for most of 2005-07 without making any major dent in demand.
The long answer is more complex. The economic slowdown in the US, Europe and Asia along with dollar depreciation and commodity speculation have all had some role in the downward descent in the international price of oil. In recent years, the supply of oil has been rising but not enough to catch up with the rising demand, resulting in an almost vertical escalation in its price. The number of crude oil futures and options contracts have also increased manifold, which has led to significant speculation in the oil market. In comparison, the role of the Organization of Petroleum Exporting Countries (OPEC) in fixing crude price has considerably weakened. OPEC in often accused of operating as a cartel restricting output, thus keeping prices artificially high. It did succeed in setting the price of crude during the 1970s and the first half of the ‘80s. But, with increased futures trading and contracts, the control of crude pricing has moved from OPEC to banks and markets that deal with futures trading and contracts. It is true that most oil exporting regions of the world have remained politically unstable, fuelling speculation over the price of crude. But there is little evidence that the geopolitical uncertainties in west Asia have improved to weaken the price of oil. Threatened by the downward slide of oil price, OPEC has, in fact, announced its decision to curtail output.
However, most oil importers will heave a sigh of relief as they find their oil import bills decline except for those who bought options to import oil at prices higher than market prices. Exporting nations, on the other hand, will see their economic prosperity slip. Relatively low price of crude is also bad news for investments in alternative renewable energy that cannot compete with cheaper and non-renewable sources of energy.
Q.6 – What led to alternative energy sources being considered economically feasible?
CorrectExplanation : Read the 1st sentence of the passage.
IncorrectExplanation : Read the 1st sentence of the passage.
UnattemptedExplanation : Read the 1st sentence of the passage.
- Question 7 of 15
7. Question
Goldman Sachs predicted that crude oil price would hit $ 200 and just as it appeared that alternative renewable energy had a chance of becoming an economically viable option, the international price of oil fell by over 70%. After hitting the all-time high of $147 a barrel, a month ago, crude fell to less than $40 a barrel. What explains this sharp decline in the international price of oil? There has not been any major new discovery of a hitherto unknown source of oil or gas. The short answer is that the demand does not have to fall by a very sizeable quantity for the price of crude to respond as it did. In the short run, the price elasticity of demand for crude oil is very low. Conversely, in the short run, even a relatively big change in the price of oil does not immediately lower consumption. It takes months, or years, of high oil price to inculcate habits of energy conservation. World crude oil price had remained at over $60 a barrel for most of 2005-07 without making any major dent in demand.
The long answer is more complex. The economic slowdown in the US, Europe and Asia along with dollar depreciation and commodity speculation have all had some role in the downward descent in the international price of oil. In recent years, the supply of oil has been rising but not enough to catch up with the rising demand, resulting in an almost vertical escalation in its price. The number of crude oil futures and options contracts have also increased manifold, which has led to significant speculation in the oil market. In comparison, the role of the Organization of Petroleum Exporting Countries (OPEC) in fixing crude price has considerably weakened. OPEC in often accused of operating as a cartel restricting output, thus keeping prices artificially high. It did succeed in setting the price of crude during the 1970s and the first half of the ‘80s. But, with increased futures trading and contracts, the control of crude pricing has moved from OPEC to banks and markets that deal with futures trading and contracts. It is true that most oil exporting regions of the world have remained politically unstable, fuelling speculation over the price of crude. But there is little evidence that the geopolitical uncertainties in west Asia have improved to weaken the price of oil. Threatened by the downward slide of oil price, OPEC has, in fact, announced its decision to curtail output.
However, most oil importers will heave a sigh of relief as they find their oil import bills decline except for those who bought options to import oil at prices higher than market prices. Exporting nations, on the other hand, will see their economic prosperity slip. Relatively low price of crude is also bad news for investments in alternative renewable energy that cannot compete with cheaper and non-renewable sources of energy.
Q.7 – What does the author want to convey by citing the statistics of 2005-07
CorrectExplanation : Last sentence of the 1st Paragraph इशारा कर रहा है कि थोड़ी अवधि के लिए Oil की अधिक कीमत मांग पर असर नहीं डालती.
IncorrectExplanation : Last sentence of the 1st Paragraph इशारा कर रहा है कि थोड़ी अवधि के लिए Oil की अधिक कीमत मांग पर असर नहीं डालती.
UnattemptedExplanation : Last sentence of the 1st Paragraph इशारा कर रहा है कि थोड़ी अवधि के लिए Oil की अधिक कीमत मांग पर असर नहीं डालती.
- Question 8 of 15
8. Question
Goldman Sachs predicted that crude oil price would hit $ 200 and just as it appeared that alternative renewable energy had a chance of becoming an economically viable option, the international price of oil fell by over 70%. After hitting the all-time high of $147 a barrel, a month ago, crude fell to less than $40 a barrel. What explains this sharp decline in the international price of oil? There has not been any major new discovery of a hitherto unknown source of oil or gas. The short answer is that the demand does not have to fall by a very sizeable quantity for the price of crude to respond as it did. In the short run, the price elasticity of demand for crude oil is very low. Conversely, in the short run, even a relatively big change in the price of oil does not immediately lower consumption. It takes months, or years, of high oil price to inculcate habits of energy conservation. World crude oil price had remained at over $60 a barrel for most of 2005-07 without making any major dent in demand.
The long answer is more complex. The economic slowdown in the US, Europe and Asia along with dollar depreciation and commodity speculation have all had some role in the downward descent in the international price of oil. In recent years, the supply of oil has been rising but not enough to catch up with the rising demand, resulting in an almost vertical escalation in its price. The number of crude oil futures and options contracts have also increased manifold, which has led to significant speculation in the oil market. In comparison, the role of the Organization of Petroleum Exporting Countries (OPEC) in fixing crude price has considerably weakened. OPEC in often accused of operating as a cartel restricting output, thus keeping prices artificially high. It did succeed in setting the price of crude during the 1970s and the first half of the ‘80s. But, with increased futures trading and contracts, the control of crude pricing has moved from OPEC to banks and markets that deal with futures trading and contracts. It is true that most oil exporting regions of the world have remained politically unstable, fuelling speculation over the price of crude. But there is little evidence that the geopolitical uncertainties in west Asia have improved to weaken the price of oil. Threatened by the downward slide of oil price, OPEC has, in fact, announced its decision to curtail output.
However, most oil importers will heave a sigh of relief as they find their oil import bills decline except for those who bought options to import oil at prices higher than market prices. Exporting nations, on the other hand, will see their economic prosperity slip. Relatively low price of crude is also bad news for investments in alternative renewable energy that cannot compete with cheaper and non-renewable sources of energy.
Q.8 – Which of the following factors is not responsible for the current drop in oil prices?
CorrectExplanation : Read the 2nd sentence of the 2nd paragraph.
IncorrectExplanation : Read the 2nd sentence of the 2nd paragraph.
UnattemptedExplanation : Read the 2nd sentence of the 2nd paragraph.
- Question 9 of 15
9. Question
Goldman Sachs predicted that crude oil price would hit $ 200 and just as it appeared that alternative renewable energy had a chance of becoming an economically viable option, the international price of oil fell by over 70%. After hitting the all-time high of $147 a barrel, a month ago, crude fell to less than $40 a barrel. What explains this sharp decline in the international price of oil? There has not been any major new discovery of a hitherto unknown source of oil or gas. The short answer is that the demand does not have to fall by a very sizeable quantity for the price of crude to respond as it did. In the short run, the price elasticity of demand for crude oil is very low. Conversely, in the short run, even a relatively big change in the price of oil does not immediately lower consumption. It takes months, or years, of high oil price to inculcate habits of energy conservation. World crude oil price had remained at over $60 a barrel for most of 2005-07 without making any major dent in demand.
The long answer is more complex. The economic slowdown in the US, Europe and Asia along with dollar depreciation and commodity speculation have all had some role in the downward descent in the international price of oil. In recent years, the supply of oil has been rising but not enough to catch up with the rising demand, resulting in an almost vertical escalation in its price. The number of crude oil futures and options contracts have also increased manifold, which has led to significant speculation in the oil market. In comparison, the role of the Organization of Petroleum Exporting Countries (OPEC) in fixing crude price has considerably weakened. OPEC in often accused of operating as a cartel restricting output, thus keeping prices artificially high. It did succeed in setting the price of crude during the 1970s and the first half of the ‘80s. But, with increased futures trading and contracts, the control of crude pricing has moved from OPEC to banks and markets that deal with futures trading and contracts. It is true that most oil exporting regions of the world have remained politically unstable, fuelling speculation over the price of crude. But there is little evidence that the geopolitical uncertainties in west Asia have improved to weaken the price of oil. Threatened by the downward slide of oil price, OPEC has, in fact, announced its decision to curtail output.
However, most oil importers will heave a sigh of relief as they find their oil import bills decline except for those who bought options to import oil at prices higher than market prices. Exporting nations, on the other hand, will see their economic prosperity slip. Relatively low price of crude is also bad news for investments in alternative renewable energy that cannot compete with cheaper and non-renewable sources of energy.
Q.9 – Which of the following is NOT TURE in the context of the passage?
(A) Open was established in 1970 to protect the interests of oil importing countries.
(B) When demand for oil exceeds supply there is a sharp rise in price.
(C) Today futures trading markets set the oil prices to a large extent.CorrectExplanation : Passage में कही नहीं लिखा है कि OPEC की स्थापना 1970 में हुई थी.
IncorrectExplanation : Passage में कही नहीं लिखा है कि OPEC की स्थापना 1970 में हुई थी.
UnattemptedExplanation : Passage में कही नहीं लिखा है कि OPEC की स्थापना 1970 में हुई थी.
- Question 10 of 15
10. Question
Goldman Sachs predicted that crude oil price would hit $ 200 and just as it appeared that alternative renewable energy had a chance of becoming an economically viable option, the international price of oil fell by over 70%. After hitting the all-time high of $147 a barrel, a month ago, crude fell to less than $40 a barrel. What explains this sharp decline in the international price of oil? There has not been any major new discovery of a hitherto unknown source of oil or gas. The short answer is that the demand does not have to fall by a very sizeable quantity for the price of crude to respond as it did. In the short run, the price elasticity of demand for crude oil is very low. Conversely, in the short run, even a relatively big change in the price of oil does not immediately lower consumption. It takes months, or years, of high oil price to inculcate habits of energy conservation. World crude oil price had remained at over $60 a barrel for most of 2005-07 without making any major dent in demand.
The long answer is more complex. The economic slowdown in the US, Europe and Asia along with dollar depreciation and commodity speculation have all had some role in the downward descent in the international price of oil. In recent years, the supply of oil has been rising but not enough to catch up with the rising demand, resulting in an almost vertical escalation in its price. The number of crude oil futures and options contracts have also increased manifold, which has led to significant speculation in the oil market. In comparison, the role of the Organization of Petroleum Exporting Countries (OPEC) in fixing crude price has considerably weakened. OPEC in often accused of operating as a cartel restricting output, thus keeping prices artificially high. It did succeed in setting the price of crude during the 1970s and the first half of the ‘80s. But, with increased futures trading and contracts, the control of crude pricing has moved from OPEC to banks and markets that deal with futures trading and contracts. It is true that most oil exporting regions of the world have remained politically unstable, fuelling speculation over the price of crude. But there is little evidence that the geopolitical uncertainties in west Asia have improved to weaken the price of oil. Threatened by the downward slide of oil price, OPEC has, in fact, announced its decision to curtail output.
However, most oil importers will heave a sigh of relief as they find their oil import bills decline except for those who bought options to import oil at prices higher than market prices. Exporting nations, on the other hand, will see their economic prosperity slip. Relatively low price of crude is also bad news for investments in alternative renewable energy that cannot compete with cheaper and non-renewable sources of energy.
Q.10 – Which of the following is the function of OPEC?
CorrectIncorrectUnattempted - Question 11 of 15
11. Question
Directions : Choose the word which is most similar in meaning to the word printed in bold as used in the passage.
Q.11 – INCULCATE
CorrectExplanation : Inculcate – Meaning – “पैदा करना” Options में सबसे नजदीक Instil – कोई गुण या भावना भरना
IncorrectExplanation : Inculcate – Meaning – “पैदा करना” Options में सबसे नजदीक Instil – कोई गुण या भावना भरना
UnattemptedExplanation : Inculcate – Meaning – “पैदा करना” Options में सबसे नजदीक Instil – कोई गुण या भावना भरना
- Question 12 of 15
12. Question
Directions : Choose the word which is most similar in meaning to the word printed in bold as used in the passage.
Q.12 – FUELLING
CorrectIncorrectUnattempted - Question 13 of 15
13. Question
Directions : Choose the word which is most similar in meaning to the word printed in bold as used in the passage.
Q.13 – DENT
CorrectIncorrectUnattempted - Question 14 of 15
14. Question
Directions : Choose the word which is most opposite in meaning of the word printed in bold as used in the passage.
Q.14 – CONVERSELY
CorrectIncorrectUnattempted - Question 15 of 15
15. Question
Directions : Choose the word which is most opposite in meaning of the word printed in bold as used in the passage.
Q.15 – WEAKEN
CorrectIncorrectUnattempted
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