Why Did the Oil-Rich Nations of the Middle East Place

question 42

Multiple Choice

Why did the oil-rich nations of the Middle East place an embargo on oil sold to the United States in the 1970s?

• A)They wanted to punish the United States for helping Israel in the Yom Kippur War.
• B)They wanted to convince the United States to stay out of the affairs of the Middle East.
• C)They believed that the United States had pushed Israel to begin the Yom Kippur War.
• D)They resented the heavy import taxes levied by the United States.
• E)They believed that by supporting Israel, the United States was opposing communism.

Comprehend the legal definitions and requirements for proving fraud and fraudulent misrepresentation.

Recognize the role of undue influence and duress in affecting the validity of contracts.

Grasp the legal consequences of undisclosed information and non-disclosure in contract formation.

Understand the legal standards for reliance on statements and representations during contractual agreements.

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Definitions:

Average Variable Cost

The total variable costs (like labor and materials) divided by the quantity of output produced, indicating the variable cost per unit.

Variable Cost

Costs that change in proportion to the activity of a business, such as materials and labor costs.

Total Cost

The complete cost of production that includes both fixed and variable costs.

Fixed Cost

Expenses that do not change in the short term, irrespective of the level of production or sales volume.