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Example Questions
Example Question #71 : Trade, Commerce, And Market Competition
What is the primary goal of OPEC?
Possible Answers:
to promote Arab nationalism
to prevent the United States from gaining access to Middle Eastern oil
to remove barriers to trade and freedom of movement in Europe and the Middle East
to control the global price of oil
to restrict freedom of movement in Europe and the Middle East
Correct answer:
to control the global price of oil
Explanation:
OPEC, or the Organization of the Petroleum Exporting Countries, was founded in 1960. The primary goal of OPEC has always been to regulate the supply of oil in the global market and keep prices of oil steady and favorable for the oil exporting nations. Member nations include Algeria, Ecuador, Venezuela, Saudi Arabia, Iran, and Iraq.
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