GMAT Critical Reasoning

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Source: OG

Level: 4

If there is an oil-supply disruption resulting in higher international oil prices, domestic oil prices in open-market counties such as the United States will rise as well, whether such countries import all or none of their oil.

If the statement above concerning oil-supply disruptions is true, which of the following policies in an open-market nation is most likely to reduce the long-term economic impact on that nation of sharp and unexpected increases in international oil prices?

  • A Maintaining the quantity of oil imported at constant yearly levels
  • B Increasing the number of oil tankers in its fleet
  • C Suspending diplomatic relations with major oil-producing nations
  • D Decreasing oil consumption through conservation
  • E Decreasing domestic production of oil

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