e average person probably had never heard of the Organization of Petroleum Exporting Countries (OPEC) until 1973 or 1974 when oil prices yrocketed. In fact, OPEC was founded in 1960. aluate the following statement explaining why OPEC did not achieve worldwide prominence until the 1970s. ue or False: During the 1960s, oil was scarce globally. However, by the 1970s, the oil supply has increased, and OPEC's revenues increased bstantially. True False hich of the following factors contributed to OPEC's problems in the 1980s? Check all that apply. Oil conservation efforts of importing countries Reduced oil supply by non-OPEC nations A global economic expansion O A worldwide recession
e average person probably had never heard of the Organization of Petroleum Exporting Countries (OPEC) until 1973 or 1974 when oil prices yrocketed. In fact, OPEC was founded in 1960. aluate the following statement explaining why OPEC did not achieve worldwide prominence until the 1970s. ue or False: During the 1960s, oil was scarce globally. However, by the 1970s, the oil supply has increased, and OPEC's revenues increased bstantially. True False hich of the following factors contributed to OPEC's problems in the 1980s? Check all that apply. Oil conservation efforts of importing countries Reduced oil supply by non-OPEC nations A global economic expansion O A worldwide recession
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Transcribed Image Text:5. Study Question #5 Ch 7.
The average person probably had never heard of the Organization of Petroleum Exporting Countries (OPEC) until 1973 or 1974 when oil prices
skyrocketed. In fact, OPEC was founded in 1960.
Evaluate the following statement explaining why OPEC did not achieve worldwide prominence until the 1970s.
True or False: During the 1960s, oil was scarce globally. However, by the 1970s, the oil supply has increased, and OPEC's revenues increased
substantially.
O True
O False
Which of the following factors contributed to OPEC's problems in the 1980s? Check all that apply.
O oil conservation efforts of importing countries
O Reduced oil supply by non-OPEC nations
O A global economic expansion
O A worldwide recession
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