From 1987 to 2001, the government of Gintesia, a country in West Asia, controlled the oil industry in the country. During that period, the government made all the decisions regarding the operations of the oil industry. However, in 2002, Gintesia began the process of removing government control from the industry. Now, the oil companies in Gintesia have private ownership. This scenario illustrates _____.

Question

Quizplus · Accepted Answer

The transition described from government control to private ownership of the oil industry in Gintesia is an example of deregulation, where the government reduces its role and allows for more private sector control.

From 1987 to 2001, the Government of Gintesia, a Country