How would the economies of Saudi Arabia and Iraq be affected if people in other countries stopped using as much oil as they do today?
A.
Their economies would suffer as the price of oil went up and their profits went down.
B.
Their economies would improve as the price of oil rose and jobs in the oil industry were created.
C.
Their economies would suffer as other countries bought less of the oil that Saudi Arabia and Iraq produce.
D.
Their economies would not be seriously affected because they are very diverse.
19
Billy Bob/ What's 9 + 10 -- please use the same name for your posts.
I'll be glad to check your answer.
No its C. Sorry. Ignore my first comment
The answer is truly C tho. Ms. Sue answered this in a different post.
To determine how the economies of Saudi Arabia and Iraq would be affected if people in other countries stopped using as much oil as they currently do, we need to consider several factors.
First, both Saudi Arabia and Iraq heavily rely on oil exports as a significant source of revenue for their economies. If people in other countries reduced their oil consumption, it would lead to a decrease in demand for oil. This could result in a drop in oil prices, negatively impacting the economies of Saudi Arabia and Iraq.
Option A states that their economies would suffer as the price of oil went up and their profits went down. This option is plausible because if the demand for oil decreases, it could lead to a drop in profits for both countries, which heavily rely on oil exports.
Option B states that their economies would improve as the price of oil rose and jobs in the oil industry were created. This option is less likely because if the demand for oil decreases, it is more probable that the price of oil would decline, thereby negatively impacting their economies.
Option C states that their economies would suffer as other countries bought less of the oil that Saudi Arabia and Iraq produce. This option aligns with the common understanding that reduced demand for oil would directly affect their economies as they heavily rely on oil exports.
Option D states that their economies would not be seriously affected because they are very diverse. This option is less likely because while both Saudi Arabia and Iraq may have some level of economic diversity, their heavy dependence on oil exports means this sector holds significant importance.
Thus, based on the information provided, option C - their economies would suffer as other countries bought less of the oil that Saudi Arabia and Iraq produce - seems to be the most appropriate answer.