The Organization of Petroleum Exporting Countries (OPEC) aims to increase the price of petroleum throughout the world, maintain high prices, and enhance the economies of its member nations. This organization is an example of aMultiple Choicetrade bloc.cartel.customs union.conglomerate.

What was the purpose behind the formation of OPEC?Group of answer choicesIn order to protect their economies, five oil-producing nations formed an organization that would help each of them answer oil production and distribution questions.It was formed to distribute oil to other parts of the world and boost the economy.It was formed to help boost the economy by importing oil from other nations.It was formed as a result of the Congo Crisis.

When was the Organization of the Petroleum Exporting Countries (OPEC) founded, and where is its headquarters located?a)  Founded in 1960 in Vienna, Austriab)  Founded in 1960 in Baghdad, Iraqc)  Founded in 1970 in Riyadh, Saudi Arabiad)  Founded in 1980 in Tehran, Iran

The group of oil-producing countries that work together to regulate the price and global supply of oilSelect one:OPEChighlight_offNAFTAhighlight_offUNICEFhighlight_offNATOhighlight_off

Which of the following is the best example of Agreement between OligopolistsSelect one:a.GATTb.OPECc.WTOd.UNIDO

What is the underlying characteristic of the WTO?Group of answer choicesIt resolves disputes between economic trade blocksIt acts as an umbrella institution that regulates the agreements concluded at the Uruguay round, the organisation’s ultimate goal being the promotion of free international tradeIt facilitates economic co-operation between different countriesIt facilitates the development of less developed countriesNext