Venezuela's Petrodollar Economy: Impact of Oil Resource - Test
- 1. What is the primary resource that Venezuela's economy heavily depends on?
A) Coal
B) Gold
C) Oil
D) Copper
- 2. What is the official currency of Venezuela?
A) Dollar
B) Peso
C) Euro
D) Bolívar
- 3. Which of the following is a consequence of Venezuela's heavy dependence on oil?
A) Low unemployment rate
B) Diversified economy
C) Stable inflation rate
D) Vulnerability to oil price fluctuations
- 4. What has been the trend in Venezuela's economy during periods of high oil prices?
A) Improved currency value
B) Lower poverty rate
C) Increased government spending
D) Reduced national debt
- 5. What is the name of the state-owned oil company in Venezuela?
A) PDVSA
B) ExxonMobil
C) Chevron
D) Shell
- 6. In what year did Venezuela become a member of OPEC?
A) 1960
B) 1975
C) 1985
D) 1995
- 7. Which country is the largest importer of Venezuelan oil?
A) India
B) United States
C) China
D) Russia
- 8. Which industry in Venezuela has been neglected due to the dominance of the oil sector?
A) Manufacturing
B) Mining
C) Tourism
D) Agriculture
- 9. What has been the impact of oil dependence on Venezuela's political stability?
A) Increased political polarization
B) Enhanced social cohesion
C) Reduced government intervention
D) Strengthened democracy
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