The Discovery of Large Oil Reserves in the 1970s

question 1

Multiple Choice

The discovery of large oil reserves in the 1970s

• A) allowed the government to embark upon substantial investment programs in virtually all sectors of the economy.
• B) allowed the government to finance initiatives to reduce poverty and deal with declining agricultural production.
• C) allowed the government to address, at least initially, some of the problems brought about by import substitution industrialization.
• D) meant that oil grew dramatically as a percentage of the country's export, which in turn meant that the country became increasingly vulnerable to international economic changes such as decreases in demand for oil and changes in international oil prices.
• E) All of the above were a result of the discovery of large oil reserves in the 1970s.

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