The Organization of Petroleum Exporting Countries (OPEC)controls About 75 Percent

question 22

Multiple Choice

The Organization of Petroleum Exporting Countries (OPEC) controls about 75 percent of the world's proven oil reserves.Economists refer to OPEC as a cartel because

• A)OPEC is a monopoly, but it is located outside of the boundaries of any one country. This is the definition of a cartel.
• B)this is the term used for an oligopoly that is controlled by national governments rather than private firms.
• C)it is a group of firms that collude to restrict output to increase prices and profits.
• D)this is the term economists use to describe an oligopoly that sells a standardized product, such as oil, rather than a differentiated product, such as automobiles.

---

Definitions:

Unprotected Sex

Sexual activity without the use of barriers or contraceptives, increasing the risk of sexually transmitted infections and unintended pregnancies.

Attractive Partner

An individual deemed appealing or desirable as a mate, based on physical attributes, personality, or other traits.

Opposites Attract

The idea that individuals are attracted to others who have different personality traits or characteristics.

Birds Of A Feather

A phrase indicating that similar people tend to associate with each other or have common traits.