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