The Organization of Petroleum Exporting Countries (OPEC)

question 91

Multiple Choice

The Organization of Petroleum Exporting Countries (OPEC)

• A) was founded in 1975.
• B) was conceived as a collective-bargaining unit.
• C) was organized in response to the formation of the European Community.
• D) was effective in increasing the supply of oil.
• E) has as its objective completely free trade among its members.

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Definitions:

Ordinal

A type of qualitative data that involves order or ranking of the values, but the intervals between the values are not necessarily uniform.

Ratio

A comparative statistic that shows the relative size of two numbers or quantities to each other, expressed as "x to y" or x:y.

Ratio

A mathematical relationship between two numbers indicating how many times the first number contains the second.

Interval

A range of values between two points, often used in reference to scales in measurements.