Venezuela's Petrodollar Economy: Impact of Oil Resource
- 1. What is the primary resource that Venezuela's economy heavily depends on?
A) Copper
B) Coal
C) Gold
D) Oil
- 2. What is the official currency of Venezuela?
A) Peso
B) Dollar
C) Bolívar
D) Euro
- 3. Which of the following is a consequence of Venezuela's heavy dependence on oil?
A) Low unemployment rate
B) Vulnerability to oil price fluctuations
C) Stable inflation rate
D) Diversified economy
- 4. What has been the trend in Venezuela's economy during periods of high oil prices?
A) Increased government spending
B) Reduced national debt
C) Improved currency value
D) Lower poverty rate
- 5. What is the name of the state-owned oil company in Venezuela?
A) ExxonMobil
B) Shell
C) Chevron
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) 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) Tourism
B) Manufacturing
C) Mining
D) Agriculture
- 9. What has been the impact of oil dependence on Venezuela's political stability?
A) Reduced government intervention
B) Increased political polarization
C) Strengthened democracy
D) Enhanced social cohesion
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