Economics (AS & A Level) · May / June 2023 · Paper 12 · Question 7

There is a worldwide shortage of oil. The diagram shows the consumption and production of oil (billion tonnes) for selected countries. What can be concluded from the diagram?

1. AIn Britain, oil has zero opportunity cost.
2. BIn Japan, there is self-sufficiency in oil.
3. CIn Russia, there is no shortage of oil.
4. DIn the United States, rationing is the only solution to oil shortage.

As printed in the paper