Economic Globalization_ Kristoffer V Tutorial

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ASU Preparatory *

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MISC

Subject

Economics

Date

May 11, 2024

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pdf

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4

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5/9/24, 11:05 AM Lesson Activity: OPEC and the United States https://f1.app.edmentum.com/coursew are-delivery/ua/717552/45317839/aHR0cHM6Ly9mMS5hcHAuZWRtZW50dW0uY29tL2x0aS92Mi9sZWFybm… 1/4 Lesson Activity OPEC and the United States This activity will help you meet these educational goals: You will describe the effects of globalization on the world economy, identify the world organizations that influence global trade, and assess the pros and cons of globalized trade. Directions Read the instructions for this self-checked activity. Type in your response to each question, and check your answers. At the end of the activity, write a brief evaluation of your work. Activity You’ll use the information you have learned to examine the impact of the OPEC on global trade. Part A Watch this video of US oil company owner T. Boone Pickens discussing OPEC. Why does Pickens want the United States to be more independent of foreign oil? Answer the question in a brief paragraph. Answer: He wanted the United States to be more independent of foreign oil because he believed that the country was too reliant on oil from OPEC countries. He believed that some of the money the United States paid for oil financed terrorist groups such as the Taliban. Space used (includes formatting): 266 / 15000 Hide Sample Answer
5/9/24, 11:05 AM Lesson Activity: OPEC and the United States https://f1.app.edmentum.com/coursew are-delivery/ua/717552/45317839/aHR0cHM6Ly9mMS5hcHAuZWRtZW50dW0uY29tL2x0aS92Mi9sZWFybm… 2/4 Pickens thinks the United States buys too much oil from OPEC countries. He believes some of money the United States pays for oil finances terrorist groups such as Taliban. Part B In an era of increasing global trade and integration of national and regional economies, why would the United States want to produce its own oil and not buy from other producers? Answer the question in a brief paragraph. Answer: One reason why the United States would want to produce its oil instead of buying from other producers is to ensure energy security. By producing its oil, the United States reduces its support for oil imports, making it weak to disruptions in the global oil market. Space used (includes formatting): 501 / 15000 In addition to issues related to terrorism, the OPEC nations are not operating in a way that suggests cooperation. They stage embargoes, which are disruptive to the economies of embargoed nations. They manipulate prices, sometimes raising them sharply. These actions don’t encourage trade. Hide Sample Answer Part C Question
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