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