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GCE Economics 1989 Question 40

Question 40

Natural Resources and Petroleum

Which of the following hard currencies is usually used in the pricing of oil at the world market particularly by the Organization of Petroleum Exporting Countries (OPEC)?

  1. A.US dollar
  2. B.Japanese Yen
  3. C.Pound Sterling
  4. D.Deutschemark
  5. E.Naira.
Show the answer and explanation

Answer: A (US dollar)

Explanation

Crude oil is priced in US dollars on the world market.