Question 28 Which of the following describes the economic impact of the OPEC countries production cut (Arab oil embargo) best? 0 out of 1 points (Extra Credit) Selected Answer Answers: A The embargo occurred in response to United States' support for Israel during the Yom Kippur War (where Egypt and Syria launched a surprise military campaign against Israel on October 6, 1973). It had very little economic impacts. A The embargo occurred in response to United States' support for Israel during the Yom Kippur War (where Egypt and Syria launched a surprise military campaign against Israel on October 6, 1973). It had very little economic impacts. B During and after the oil embargo, crude oil exporting countries become more competing each other, rather than strategically cooperating with cach other. As a result, the total production by OPEC countries increased. Crude oil exporting countries used to sel oil with little profit. However, after the oil embargo, OPEC acted as the 'monopolist' in the world crude oil market and significantly increased its profit through the "5 mb/d cut" in its crude oil export. Wednesday, July 24, 2024 11:31:37 PM EDT
Question 28 Which of the following describes the economic impact of the OPEC countries production cut (Arab oil embargo) best? 0 out of 1 points (Extra Credit) Selected Answer Answers: A The embargo occurred in response to United States' support for Israel during the Yom Kippur War (where Egypt and Syria launched a surprise military campaign against Israel on October 6, 1973). It had very little economic impacts. A The embargo occurred in response to United States' support for Israel during the Yom Kippur War (where Egypt and Syria launched a surprise military campaign against Israel on October 6, 1973). It had very little economic impacts. B During and after the oil embargo, crude oil exporting countries become more competing each other, rather than strategically cooperating with cach other. As a result, the total production by OPEC countries increased. Crude oil exporting countries used to sel oil with little profit. However, after the oil embargo, OPEC acted as the 'monopolist' in the world crude oil market and significantly increased its profit through the "5 mb/d cut" in its crude oil export. Wednesday, July 24, 2024 11:31:37 PM EDT
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Transcribed Image Text:Question 28
Which of the following describes the economic impact of the OPEC countries production cut (Arab oil embargo) best?
0 out of 1 points (Extra Credit)
Selected
Answer
Answers:
A
The embargo occurred in response to United States' support for Israel during the Yom Kippur War (where Egypt and Syria launched a surprise
military campaign against Israel on October 6, 1973). It had very little economic impacts.
A
The embargo occurred in response to United States' support for Israel during the Yom Kippur War (where Egypt and Syria launched a surprise
military campaign against Israel on October 6, 1973). It had very little economic impacts.
B
During and after the oil embargo, crude oil exporting countries become more competing each other, rather than strategically cooperating with cach
other. As a result, the total production by OPEC countries increased.
Crude oil exporting countries used to sel oil with little profit. However, after the oil embargo, OPEC acted as the 'monopolist' in the world crude oil
market and significantly increased its profit through the "5 mb/d cut" in its crude oil export.
Wednesday, July 24, 2024 11:31:37 PM EDT
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