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

2. For producing nations, oil was a source of what?
(a) Pride
(b) Hardship
(c) Serenity
(d) Inequality

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

4. What "taboo" did Venezuela break in the 1940s?
(a) Selling the royalty oil directly on the world market
(b) Allowing a foreign country to partner with domestic oil companies
(c) Taking less than market value for its oil production
(d) Breaking an oil agreement for a better deal

5. Which country was not represented at the meeting?
(a) Russia
(b) England
(c) The United States
(d) Germany

Short Answer Questions

1. Who was the first country to begin using the practice of "rents?"

2. What document came out of the meeting, which encouraged cooperation by the oil companies?

3. The deals between countries and oil companies for royalties and other fees were referred to as what?

4. What project did Nixon introduce to make the US less oil dependent?

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

(see the answer key)

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