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This article picked by a teacher with suggested questions is part of the Financial Times free schools access programme. Details/registration here.

Specification:

  • Demand and supply, price controls

Click to read the article below and then answer the questions:

Why the price of oil has dropped despite new constraints on Russian supply

  • Using a diagram, analyse the expected effects of a fall in supply of a good or service

  • EU sanctions bar vessels transporting Russian crude from accessing European maritime insurance unless the oil is sold for $60 a barrel or less (read this)

  • Using a diagram, analyse the effects of a price cap mechanism

  • With reference to the chart, compare the Brent crude price during the period shown

  • With reference to the article, identify the reasons why ‘oil prices have not soared but slipped’

  • Use a diagram to support your answer to the previous question

Gavin Clarke, Emmanuel College

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