Logan Cervantes

Social Studies

12 June, 03:16

In October of 1973, OPEC - the Organization of Petroleum Exporting Countries - joined together and refused to allow the United States to purchase oil from its member countries. As a result, by Spring of 1974 oil prices had roughly tripled in the United States. What international trade situation is being described here? A) a quota B) a surplus C) an embargo D) an opportunity cost In October of 1973, OPEC - the Organization of Petroleum Exporting Countries - joined together and refused to allow the United States to purchase oil from its member countries. As a result, by Spring of 1974 oil prices had roughly tripled in the United States. What international trade situation is being described here? A) a quota B) a surplus C) an embargo D) an opportunity cost