Explanation: This response is incorrect because the speaker indicates that culture “has a profound
impact” on which products consumers buy and use, how they buy them, and which organizations they
buy them from.
Correct: Consumers in different cultures value different things. These values, which can be unique
from one culture to the next, impact not only what kinds of products these consumers buy, but also
who they buy them from, how they buy them, and for what uses and reasons.
Explanation: This response is correct. The speaker says “culture has a profound impact on the
products they buy and consume” which implies that culture influences consumer decisions, leading
people from one culture to make different purchases from those in another culture. According to the
speaker, culture also affects “the processes by which those products should be purchased, and the
organization that sells those products”, which addresses “how they buy them” and “who they buy
them from.”
Highlight correct summary – Item 2
Transcript
We’re not running out of oil. The first thing that one can say with absolute confidence is that we’re not
about to run out of oil, we are definitely not. But what we are approaching is the end of the first half,
and this is one way to describe it, and this chapter in history lasted about a hundred and fifty years
since the first oil was produced. And we’re coming to the end of that, and you have to find oil before
you can produce it, and when we look back into history, we can find that the peak of discovery was in
1964, and that the discovery of oil has been falling ever since, relentlessly, um, and it’s been falling
despite the world wide search, always aimed at the biggest and best prospects, no one’s looking for
the smallest and the worst, the biggest and the best. It’s been falling despite amazing technological
and geological advances, we understand this business so much more than we did. And finally, it’s been
falling despite a very happy economic environment, whereby most of the cost of exploration is written
off against tax. So I would say in view of all of those incentives, and all of those benefits, if discovery
has actually been falling relentlessly, er, there is no good reason to think that this trend is going to
change direction. So, in other words, we’ve passed the peak.
Answers
Incorrect: Unless major oil consumers invest in exploration now (which would be the first time major
funds have been invested since 1964) global oil production will level out and be unable to meet
increased demands from India and China.
Explanation: This response is incorrect. The speaker says “the peak of (oil) discovery was in 1964”
and “the discovery of oil has been falling … despite the world wide search” and all of the advances and
tax incentives. The speaker does not mention either India or China and says nothing about increased
demand.
Incorrect: With the continuation of improvements in technology, geology, and with government
support, there is little doubt that further major reserves of oil will be found in the near future. This
should result in sustainable oil supplies for a further 150 years.
Explanation: This response is incorrect. The speaker says “oil discovery has been falling … despite
amazing technological and geological advances,” and “there is no good reason to think that this trend
is going to change direction.”
Correct: While we are not about to run out of oil, we are certainly past the peak of oil production,
which occurred about 40 years ago. This is despite improvements in technology, geology, and with
tax-subsidized investment in exploration.
Explanation: This response is correct. The speaker asserts, “We’re not running out of oil” at the
beginning of the recording. The speaker then says that the peak of oil discovery was in 1964, and that
the rate of oil discovery “has been falling ever since” despite “amazing technological and geological
advances.” He also mentions that “most of the cost of exploration is written off against tax.”
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