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Why was OPEC created?
Oil prices increase
embargo
The higher the literacy rate the higher the standard of living.
To regulate the supply and price of oil
Inefficiency and poor organization
capital goods
restrict or limit trade between countries.
Southwest Asia
Tariffs and quotas are alike because they both ______________.
Oil prices increase
embargo
The higher the literacy rate the higher the standard of living.
To regulate the supply and price of oil
Inefficiency and poor organization
capital goods
restrict or limit trade between countries.
Southwest Asia
One of Iran’s biggest problems with their state-run oil industry is:
Oil prices increase
embargo
The higher the literacy rate the higher the standard of living.
To regulate the supply and price of oil
Inefficiency and poor organization
capital goods
restrict or limit trade between countries.
Southwest Asia
Where are most OPEC countries located?
Oil prices increase
embargo
The higher the literacy rate the higher the standard of living.
To regulate the supply and price of oil
Inefficiency and poor organization
capital goods
restrict or limit trade between countries.
Southwest Asia
In 1973, Southwest Asian countries stopped exporting oil to the United States in protest against the US’ support of Israel. What type of trade barrier is this?
Oil prices increase
embargo
The higher the literacy rate the higher the standard of living.
To regulate the supply and price of oil
Inefficiency and poor organization
capital goods
restrict or limit trade between countries.
Southwest Asia
Syria has not built new factories or used new technology in many years. What is the country NOT investing in?
Oil prices increase
embargo
The higher the literacy rate the higher the standard of living.
To regulate the supply and price of oil
Inefficiency and poor organization
capital goods
restrict or limit trade between countries.
Southwest Asia
The relationship between the literacy rate and standard of living in Southwest Asia is _________.
Oil prices increase
embargo
The higher the literacy rate the higher the standard of living.
To regulate the supply and price of oil
Inefficiency and poor organization
capital goods
restrict or limit trade between countries.
Southwest Asia
What happens to the price of oil when OPEC countries decide to reduce production?
Oil prices increase
embargo
The higher the literacy rate the higher the standard of living.
To regulate the supply and price of oil
Inefficiency and poor organization
capital goods
restrict or limit trade between countries.
Southwest Asia
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