Direction: Refer to the following information on prices and production of crude oil for the period 1973-80 and answer the questions given below. In the first graph, the lines show the prices of crude oil per barrel for domestic production and imports while the bars show the domestic price as a percentage of the import price. In the second graph, the bars show average production of barrels per day in the US and Non-OPEC countries, while the line shows the consumption of oil in the US.
Q. Which of the following statements is/are true?
1) The percentage change in the price of imported crude oil in 1974 is approximately 120%.
2) In 1977, the absolute difference between the percentage change in the price of domestic oil and the percentage change in the price of imported oil is approximately 2.
3) The percentage change in the consumption of oil by the US from 1973 to 1979 is -80%.
4) In 1977, the ratio of production of oil by non-OPEC countries to that by the US is 4.25.