Posted by MM on .
In 1973, Members of the Oraganization of Oil-Exporting Countries (OPEC) reduced oild exports, which more than quadrupled oil prices. what effect did that have on less developed nations?
a. Their development increase rapidly because if the profits they made form oil, and some nations approached the status of developed countries.
b. They were unable to repay foreign loans because they spent so much on oil, and they had to give up large amounts of land to lender nations.
c. They had to borrow money to buy oil, and this increased debt made it difficult or impossible for them to repay foreign loans
d. They formed an international alliance to pressure OPEC to reduce oil prices and to invest in oil exploration in less developed countries