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

2. The deals between countries and oil companies for royalties and other fees were referred to as what?
(a) Fifty/Fifty Deals
(b) Twenty/Eighty Deals
(c) Sixty/Forty Deals
(d) Ten/Ninety Deals

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

4. Who set up the Eastern and General Syndicate to develop business opportunities in the Middle East?
(a) Thomas Neville
(b) Robert Nelson
(c) Frank Holmes
(d) Winston Churchill

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

Short Answer Questions

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

2. During the "Arab oil embargo" gas princes rose how much in the United States?

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

4. Who struck a deal with Saudi Arabia for $9.5 million up front; $1 million a year, whether or not oil was pumped; and a royalty of $0.55 per barrel?

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

(see the answer key)

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