Many of the Oil-Producing Countries of the World Organized Themselves

question 61

Multiple Choice

Many of the oil-producing countries of the world organized themselves into a cartel to regulate the production and the pricing of oil: this cartel is called the:

• A)Organization of Oil Producing Countries (OOPC).
• B)Oil Producing Countries United (OPCU).
• C)Organization of Petroleum Exporting Countries (OPEC).
• D)Petroleum Producing Countries United (PPCU).
• E)Association of Petroleum Exporting Countries (APEC).

---

Definitions:

General Equilibrium Analysis

An economic theory that considers all markets and factors simultaneously to understand how they interact and reach a state of balance.

Secondary Changes

Consequential modifications or adjustments that occur as a result of primary actions or policies.

Federal Gasoline Tax

A tax imposed by the federal government on the sale of gasoline, used primarily to fund transportation projects.

General Equilibrium

A state in which all markets in an economy are in simultaneous equilibrium, with supply equaling demand in each market.