Question

Which group has been an example for successfully determining the amount and price of a world-wide commodity? A) The European Union B) World Trade Organization C) North Atlantic Treaty Organization D) Organization of Petroleum Exporting Countries

Answer 1

D) Organization of Petroleum Exporting Countries

Step-by-step explanation:

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Answer 2

D) Organization of Petroleum Exporting Countries

Step-by-step explanation:

Organization of Petroleum Exporting Countries (OPEC), made up of 15 member countries, regulates the amount and price of crude oil (a world-wide commodity) in circulation.

When there is excess oil in circulation, OPEC reduces production volumes and when oil is scarce, it increases the prices of oil so it can maintain stable production levels.

By doing so, OPEC has been able to successfully determine the amount and prices of oil world-wide.