Question 28Which of the following describes the economic impact of the OPEC countries production cut (Arab oil embargo) best?0 out of 1 points (Extra Credit)SelectedAnswer:Answers:A.The embargo occurred in response to United States' support for Israel during the Yom Kippur War (where Egypt and Syria launched a surprisemilitary 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 surprisemilitary 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 eachother. As a result, the total production by OPEC countries increased.C.Crude oil exporting countries used to sell oil with little profit. However, after the oil embargo, OPEC acted as the 'monopolist' in the world crude oilmarket 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

Correct Answer: Option CCrude oil exporting countries used to sell oil with little profit. However,…

Answered: Question 28 Which of the following…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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