Which of the Following Was Not a Reason OPEC Failed

question 73

Multiple Choice

Which of the following was not a reason OPEC failed to keep the price of oil high?

• A)Over the long run, producers of oil outside of OPEC responded to higher prices by increasing oil exploration and by building new extraction capacity.
• B)Consumers responded to higher prices with greater conservation.
• C)Consumers replaced old inefficient cars with newer efficient ones.
• D)The agreement OPEC members signed allowed each country to produce as much oil as each wanted.

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Definitions:

Union

An organization formed by workers in various sectors of a community for the purpose of advancing their common interests related to working conditions, wages, and benefits.

Membership

The state of being a member within an organization or group.

Grievance Process

A procedure for settling disputes arising under a collective agreement.

Check-off Provision

A clause in a labor agreement that allows an employer to automatically deduct union dues from employees' wages.