Asked by

Insha Malik
on Nov 12, 2024

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Most developing countries are in trouble whenever oil prices rise because _____.

A) they are the major exporters of oil and their export income falls
B) it causes political instability in the countries
C) it causes an increase in frictional unemployment
D) higher oil prices drain the developing countries of foreign exchange
E) it causes deflation in domestic economies.

Oil Prices

The cost per barrel of crude oil, a critical determinant in the global economic landscape, affecting energy costs, inflation, and geopolitical dynamics.

Developing Countries

Nations with a lower living standard, underdeveloped industrial base, and a lower Human Development Index (HDI) compared to developed countries.

Political Instability

A situation where a government, due to various factors such as conflict, corruption, or ineffective governance, faces challenges in maintaining control or authority.

  • Delve into the interplay between natural resources and economic progress.
  • Examine the implications of international trade and remittances on developing countries.
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Gloria MbolembeNov 12, 2024
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