GK
INTERNATIONAL ORGANISATIONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a quota
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an embargo
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a surplus
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an opportunity cost
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Detailed explanation-1: -During the 1973 Arab-Israeli War, Arab members of the Organization of Petroleum Exporting Countries (OPEC) imposed an embargo against the United States in retaliation for the U.S. decision to re-supply the Israeli military and to gain leverage in the post-war peace negotiations.
Detailed explanation-2: -President Nixon responded to the energy crisis by instituting a strict rationing program. In hindsight, this rationing program had more drastic effects at home than did OPEC.
Detailed explanation-3: -a prohibition of the trade of petroleum from one country to another.
Detailed explanation-4: -Which best describes the main cause of the 1973 Oil Crisis? OPEC raised oil prices to punish the United States for its support of Israel.