posted by .

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

  • Economics -

    I'll be glad to check your answer.

  • Economics -

    I agree.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions


    This is really long but i really need help!! THX In 1973, there was a war between some arab countries and Israel. Many western countries wanted to help Israel. Some arab oil exporting countries have reacted by cutting oil exports to …
  2. Economics

    One key development in the last two years has been the addition of countries like India to TRIPs. Nevertheless, developed nations have always been at odds with developing countries over IP protection. Why do these developed and developing …
  3. western civilization 2

    In 1973 the countries of the West faced a new economic hardship when Answer the U.S. withdrew many loans and investments from Europe. the Soviet Union placed an embargo on trade with western Europe. the Japanese GNP surpassed that …
  4. Micreconomics

    Using a supply and demand diagram, illustrate the impact of each of the following on price and quanity demanded: a. Improvements in transportation lower the cost of importing oil into the United States of the 1960. b. After the 1973 …
  5. history

    How did the oil crisis in the 1970s illistrate the problem of economic interdependence?
  6. history

    How did the crises in the 1970s illustrate the problem of economic interpendence?
  7. macroeconomics

    Suppose that France and Denmark both produce oil and olives. Frances’s opportunity cost of producing a crate of olives is 4 barrels of oil, while Denmark’s opportunity cost of producing a crate of olives is 7 barrels of oil. By …
  8. Geography (Ms. Sue)

    Why are oil and natural gas important to highly-industrialized nations?
  9. Economics

    In the late 1970s, oil prices were expected to increase dramatically once controls disappeared. Regulated prices were pegged as low as $6 per barrel, while global prices had climbed to almost $30. According to the Joint Committee on …
  10. economics

    a key reason that our gasoline prices elevated rapidly from 2006 to 2008 was: A) tight global supplies and high prices B) war in the middle east C) greed by oil exporting countries D) inflation. d inflation?

More Similar Questions