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 Cou...

Assessment: WAEC SSCE - Economics - 1989 (Objective) Subject: Economics

Question 1 Report

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)? The
Answer Details
The hard currency usually used in the pricing of oil at the world market, particularly by the Organization of Petroleum Exporting Countries (OPEC), is the US dollar. This is because the US dollar is widely accepted and used as an international currency for trade and transactions. Since oil is one of the most traded commodities in the world, it makes sense for OPEC to use the US dollar as the standard currency for pricing and trading oil.
Read lesson note on Money And Inflation (JAMB)
View Answer

Related Questions

1

Data presented in table are usually arranged in
2

A table which shows the price of a commodity and the quantity of it that is demanded per unit time is a
3

In Economics market is define as
4

Scarcity in Economics means that resources
5

An inflation in which the price rises steadily at an average rate of about 2% per annum is best described ad
6

The greatest disadvantages f barter system is the need for
7

money supply at any given point in time refers to as
8

all the following are source of finance to a Joint Stock Company except

Download The App On Google Playstore

Everything you need to excel in your exams

Green Bridge CBT Mobile App
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning