MBA Biz Quiz: The Global Economics of Oil

Staying on top of business news is an important part of actively managing your career. Whether you are seeking new opportunities in your industry, preparing for job interviews, or applying to business school, being able to speak intelligently about current events in business is an indispensable tool to help you connect with fellow professionals and convey your passion for your chosen field.

Test your knowledge of important business trends and economic developments affecting industry with this bi-weekly MBA Biz Quiz brought to you by our sister company MBA Career Coaches! It is a fun and simple way to stay engaged with business news. 

With the headlines of low oil prices, we thought we would start the year covering this very newsworthy development.

1. Which country has the largest estimated oil reserves?
a. China
b. Japan
c. Venezuela
d. Brazil

2. For which country does energy revenue account for over 50% of the government’s budget?
a. Russia
b. Iran
c. Saudi Arabia
d. Canada

3. Which country is losing approximately $1B per month with the drop in oil prices?
a. Venezuela
b. Iran
c. Jordan
d. Malaysia

4. Saudi Arabia is the largest OPEC producer. Who is the second-largest OPEC producer?
a. United Arab Emirates
b. Iraq
c. Iran
d. Kuwait

5. How would a 10% decrease in the price of oil affect China’s economic growth?
a. there is no effect on China’s economic growth
b. increase China’s economic growth by 0.01%
c. increase China’s economic growth by 0.15%
d. decrease China’s economic growth by 0.15%


Answers: 1(c)   2(a)   3(b)   4(c)   5(c)


1. Venezuela has the world’s largest estimated oil reserves and has received 95% of its export earnings from petroleum before the drop in oil prices.

2. For Russia, energy revenue accounts for more than half of the government’s budget.

3. It is estimated that Iran is losing $1B per month because of the fall in oil prices.

4. Iran is OPEC’s second-largest oil producer, and Iraq is OPEC’s third-largest oil producer.

5. China became the world’s largest importer of oil in 2013, surpassing the United States, and so stands to benefit from plummeting prices. Bank of America Merrill Lynch estimated that every 10% decline in the price of oil could increase China’s economic growth by 0.15%. China imports nearly 60% of the oil it needs to power its economy.

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