DROP IN PRICE OF CRUDE OIL: IMPLICATION ON THE NIGERIAN ECONOMY PAPER DELIVERED TO BOARD OF DIRECTORS OF GUINNESS NIGERIA PLC Executive Summary The volatility in the prices of crude oil in the international oil market which was triggered by factors within the global economy has impacted the Nigeria economy to some degree with dire consequences for the implementation of the 2012 budget. Some of the factors which triggered the fall in oil prices include a massive
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Concordia University Department of Economics ECON 201 MIDTERM EXAMINATION AND ANSWERS Part I. Multiple Choice Questions. Circle the best answers. 1. When a choice is made‚ we call the value of the best alternative choice the a. Implicit choice. b. Accounting cost. c. Opportunity cost. d. Apparent cost. e. None of the above. 2. Which of the following statements is (are) normative? a. If income increases‚ sales of luxury goods will fall. b. When minimum wages are raised‚ unemployment
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against organized crime for law enforcement and investigative agencies. Mafias‚ cartels‚ gangs‚ are instantly known for their organized criminal activity‚ but some politicians and powerful businessmen are notorious for organized crime activity as well (usually known as white collar crime. Drug trafficking‚ human trafficking‚ prostitution‚ and body part selling are normally the types of corrupted activity that mafias‚ and cartels use to gain financial power. This paper will describe what entails organized
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Medellin‚ the second largest city in Colombia‚ Escobar started off as a small time gangster and a car thief. His small time crimes would never amount to what he was going to become. In the late 1970 s Escobar and his cartel became one of the most powerful organized crime organizations. The cartel consolidated the cocaine industry controlling as much as 80 percent of cocaine worldwide. This paper dives deep into the life and rise of Pablo Escobar. Early Life Pablo Escobar was born second child in San
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Amélie Rossetti and Leonardo Goi. 2017). Cartel members own major amounts of those firearms. These firearms are used to commit acts of gun violence towards both federal government‚ local government systems‚ and civilians. Many of the cartels are outfitted with better weaponry than the local police force. If the local police force‚ is unable to protect its citizens‚ who will? Because of the laws enacted‚ the local civilian populaces not involved in cartel transactions are left defenseless. They are
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Unit-1 Petroleum Exploration — An Introduction Objective: After reading this unit you would be able to understand: What are hydrocarbons? What are their properties? What are the main products derived from crude oil and their uses Exploration milestone-an overview. INTRODUCTION: By definition petroleum is a generic name for hydrocarbons‚ including crude oil‚ natural gas liquids‚ natural gas and their products. Petroleum comes from the Latin petra meaning rock or stone & oleum meaning oil. Petroleum
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value‚ so they have no incentive to not cheat and accept illegal payments. First of all‚ the NCAA market structure is inefficient‚ and it results in exploiting its athletes. The NCAA exploits its athletes because it works as a buying cartel. A buying cartel takes advantage of its suppliers by getting rid of competition from other buyers through eliminating the negotiating or bidding process. The result of having no bidding process is fixed wages. The NCAA works
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INDIAN TELECOM SECTOR: AN OVERVIEW At 110.01 million connections ’ Indian Telecom Industry’ is the fifth largest and fastest growing in the world. The subscriber base has grown by 40% in 2005 and is expected to reach 250 million in 2007. Over the last 3 years‚ two out of every three new telephone connections were wireless. Consequently‚ wireless now accounts for 54.6% of the total telephone subscriber base‚ as compared to only 40% in 2003. Wireless subscriber growth is expected to grow at 2
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influence the price of gas consumers pay at the pump. The cost of crude oil is a factor which accounts for 55% of the price of gas. (Accounts‚ 2010). OPEC‚ an organization of 12 oil producing countries‚ produce approximately 46% of the world’s oil‚ was formed to regulate supply and to some extent‚ the price of oil. (OPEC‚ 2010). How much crude oil is being bought and sold for is attributed to 50% of the price of gas consumers pay. (Crude‚ 2010). The less crude oil produced
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often encourages the formation of illegal cartels and price agreements. In the case at hand 600 schools in the area of Ohio demanded school milk. Possible suppliers were all dairies willing and able to supply school milk. During the 1980s the State of Ohio decided to investigate the biddings for the school milk contracts. Thirteen companies were accused and officially found guilty of uncompetitive behaviour such as price-fixing and the foundation of cartels. Later‚ several experts‚ such as Porta‚ Zona
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