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This quiz consists of 5 multiple choice and 5 short answer questions through Part 5, Chapter 30.

Multiple Choice Questions

1. OPEC lifted the embargo in what year?
(a) 1952
(b) 1974
(c) 1983
(d) 1998

2. Who was the first country to begin using the practice of "rents?"
(a) Iran
(b) Indonesia
(c) Mexico
(d) Venezuela

3. Who called for a "new concept" that would base the price of oil on the cost of alternative energy sources?
(a) Richard Nixon
(b) Henry Kissinger
(c) The Shah
(d) William Simon

4. The "Arab oil embargo" consisted of what?
(a) The total ban on the export of oil to the U.S. and the Netherlands
(b) The ban on the import of oil to Arab countries
(c) Western countries boycotting Arab oil
(d) Arab companies seizing control of foreign oil fields in Arab countries

5. OPEC agreed on what posted price per barrel of oil?
(a) $38.72
(b) $4.12
(c) $23.99
(d) $11.65

Short Answer Questions

1. Who subdued much of Arabia and negotiated the exchange of oil for money for his country?

2. In August 1928, Deterding met where with Heinrich Riedemann of Jersey Standard-Germany, Cadman of APOC, William Mellon of Gulf, Robert Stewart of Indiana and others to discuss the oil industry?

3. For producing nations, oil was a source of what?

4. Who set up the Eastern and General Syndicate to develop business opportunities in the Middle East?

5. The "Neutral Zone" was between Saudi Arabia and which other country?

(see the answer key)

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