CUESTIONNAIRE BUSINNES

TRUE OR FALSE
1. Iran, Iraq, Qatar, Venezuela, and Saudi Arabia formed the Organization of thE Petroleum Exporting Countries
(OPEC) in 1960. FALSE
Iran, Iraq, Kuwait, Venezuela and Saudi Arabia ..in 1960
2. The dissolution of the Soviet Union can also be attributed in part to a loss of influence as an oil producer. TRUE
3. The Kerosene Gaslight Company in 1850, using the oil to light the streets of Edmonton and later the United
States.. FALSE
The Kerosene Gaslight Company in 1850, using the oil to light the streets of Halifax and later the US.
4. Scottish chemist James Young observed natural petroleum seepage in the “Ridding’s coal mine” and from this
seepage distilled both a light thin oil suitable for lamps and a thicker oil suitable for lubrication. TRUE
5. The first oil well drilled was in the town of La Brea, Trinidad in 1857. The American Merrimac Company drilled it
to a depth of 280ft or 85metres. TRUE
6. In Russia, the Rothschild family commissioned oil tankers from British trader Edwin Drake to expand their oil
operations and reach more overseas customers. FALSE
In Russia, the Rothschild family commissioned oil tankers from British trader MARCUS SAMUEl to expand their
oil operations and reach more overseas customers.
7. The two branches of economics are microeconomics and macroeconomics. TRUE
8. Microeconomics studies the decisions of individuals and firms to allocate resources of production, exchange,
and consumption. TRUE
9. Examples of goods are legal advice, house cleaning, and consulting services. FALSO
Ex of services are legal…
10. The study of the economy is called economics and a person who studies economics is called a Business
Administrator. FALSE
The study of the economy is called economics and a person who studies economics is called on economist
11. Services are actions that one person pays another to do for them. Services include things like medical care,
teaching, firefighting, and babysitting. TRUE
12. Macroeconomics attempts to measure how well an economy is performing, understand what forces drive it, and
project how performance can improve. TRUE.

MULTIPLE CHOICE

1. Today, OPEC has how many country partners in their organization, accounting for approximately 44% of global
oil production and 81.5% of the world’s oil reserves:
15 MEMBER COUNTRIES
2. Today, is the fifth largest oil and gas company in the world and one of six oil and gas super majors
ROYAL DUTC SHELL
3. The discovery of oil in the middle east by William Knox D’Arcy led to the incorporation of the Anglo-Persian Oil
Company (APOC) in 1907. What is this place called?
MASJED SULEYMAN, IRAN
4. John D. Rockefeller founded in 1865, one of major oil companies that still dominate the oil and gas industry
today, becoming the world’s first oil baron.
THE STANDARD OIL COMPANY
5. The modern history of the oil and gas industry started in 1847, with a discovery made by:
SCOTISH CHEMIST JAMES YOUNG
 6. Oil and gas had already been used in some capacity, such as in lamps or as a material for construction, for
thousands of years before the modern era, with the earliest known oil wells being drilled around 347 A.D,
where?
IN CHINA
7. Physical objects that are bought and sold. They include things like cars, food, and clothes.
GOODS
8. Shows how and why different goods have different values, how individuals and businesses conduct and benefit
from efficient production and exchange, and how individuals best coordinate and cooperate with one another.
MICROECONOMY
9. What is a system for allocating resources to meet people's needs and wants and it determines how goods and
services are made and exchanged called?
ECONOMY
10. A branch of economics that studies how an overall economy—the market or other systems that operate on a
large scale—behaves.
MACROECONOMICS
11. What does the Acronym CPI stand for?
CONSUMER PRICE INDEX
12. What does the acronym GDP stand for?
GROSS DOMESTIC PRODUCT

COMPLETITION:

1. The__ 1980s__ saw a significant glut in oil following the 1970 energy crisis. Petroleum production __PEAKED__
in the 1970s, which caused a sharp rise in oil price and a subsequent decrease in __DEMAND__
2. Edwin Drake in __TITUSVILLE__, Pennsylvania drilled the first modern oil well in America in 1859. The discovery
of petroleum in Titusville led to the Pennsylvania __‘OIL RUSH ’__, making oil one of the most valuable
__COMMODITIES__ in America
3. In Russia, the __ROTHSCHILD__ family commissioned oil tankers from British trader __MARCUS SAMUEL__ to
expand their oil __OPERATIONS__ and reach more overseas customers.
4. Marcus Samuel first vessel, The Murex – named after a __SEA SNAIL__ – became the first oil tanker to pass
through the __SUEZ CANAL__ connecting the Mediterranean Sea to the __RED SEA__
5. The __BRITISH__ Government purchased 51% of the company to provide the Navy with oil during __WORLD
WAR I__ in 1914. In 1954, APOC became British Petroleum, known today as BP, which is currently __THE
SIXTH__ largest oil and gas company in the world.
6. __JAMES YOUNG__ , patented these oils and paraffin wax, also distilled from __COAL__ , in 1850, and later that
year formed a partnership with geologist __EDWARD WILLIAM BINNEY__
7. Micro economists formulate various types of __MODELS__ based on __LOGIC__ and observed human behavior
and test the models against __REAL-WORLD__ observations.
8. __GROSS__ Domestic Product (GDP) and the __CUSTOMER__ Price Index (CPI) are widely used economic
__INDICATORS__
9. __MACROECONOMICS__ studies economy-wide phenomena such as __INFLATION__ , price levels, rate of
economic growth, national income, gross domestic product (GDP), and changes in __UNEMPLOYMENT__.
10. Economics is a social science that focuses on the production, __DISTRIBUTION__ , and consumption of
__GOODS__ and services, and analyzes the choices that individuals, __BUSINESSES__ , governments, and
nations make to allocate resources.
11. A __BAD__ economy is one where people are __LOSING__ their jobs, businesses are shutting down, and the
overall __ECONOMY__ isn't growing.
12. Goods and services are the output of an economic __SYSTEM__ . Goods are tangible items __SOLD__ to
customers, while services are tasks performed for the __BENEFIT__ of the recipients.

CONNECTION:
1. This man managed in Titusville, Pennsylvania to drill the first modern oil well in America in
1859.

2. Oil-producing countries suffered during this glut, with OPEC struggling to maintain
high oil prices through decreasing oil production.,,

3. British trader Marcus Samuel and the Rothschild wanted to expand their oil
operations and reach more overseas customers.,

4. Samuel’s first vessel, named it after a sea snail and became the first oil tanker in the
world.,

5. This Canadian refined a liquid from coal, oil shale and bitumen that was cheaper and burned
more cleanly than other oils.,

6. He improved Gesner’s method to distil kerosene and petroleum more easily in 1852,
opening the first ‘rock oil’ mine in Bóbrka, Poland in 1854.

7. Customer Service are assistance and advice provided by a company to those people who
buy or use its products or services.,
8. a landscaping company could sell a homeowner a tree (goods) and also mow the lawn
(a service).,

9. Economy is a system for allocating resources to meet people's needs and wants.,

10. Distribution of products takes place by means of a marketing channel, also known as a
distribution channel.,

11. Global shrimp production levels in 2021 are set to be at least 8.9 percent higher
than they were in 2020, while growth of over 5 percent is forecast for 2022.,

12. It's a self-service shop offering a wide variety of food, beverages and household
products, organized into sections.

ACRONYMS

1. OPEC Organization of Petroleum Exporting Countries

2. APOC: Anglo Persian Oil Company
3. BP: British Petroleum
4. GDP: Gross Domestic Product
5. CPI: Consumer Price Index