When was the Organization of the Petroleum Exporting Countries (OPEC) founded, and where is its headquarters located?a)  Founded in 1960 in Vienna, Austriab)  Founded in 1960 in Baghdad, Iraqc)  Founded in 1970 in Riyadh, Saudi Arabiad)  Founded in 1980 in Tehran, Iran

The Organization of Petroleum Exporting Countries (OPEC) aims to increase the price of petroleum throughout the world, maintain high prices, and enhance the economies of its member nations. This organization is an example of aMultiple Choicetrade bloc.cartel.customs union.conglomerate.

What was the purpose behind the formation of OPEC?Group of answer choicesIn order to protect their economies, five oil-producing nations formed an organization that would help each of them answer oil production and distribution questions.It was formed to distribute oil to other parts of the world and boost the economy.It was formed to help boost the economy by importing oil from other nations.It was formed as a result of the Congo Crisis.

The group of oil-producing countries that work together to regulate the price and global supply of oilSelect one:OPEChighlight_offNAFTAhighlight_offUNICEFhighlight_offNATOhighlight_off

n 1973 the Organization of Petroleum Exporting Countries (OPEC) raised the price of a barrel of oil by 400% and some Arab members placed an oil embargo on countries (i.e. the United States) which supported Israel in the ‘Yom Kippur’ war against Egypt and Syria. Show in the AS-AD model the impact of this event on a developed oil-importing country and consider the best policy response to stabilise the economy at a long run equilibrium position.

An intergovernmental organisation with 38 member countries, founded in 1961 to stimulate economic progress and world trade.(1 Point)World Trade OrganizationUNESCOASEAN Organization for Economic Co-operation and Development