The greatest global redistribution of income ever recorded occurred in the 1970s as a direct result of
A) a worldwide drop in food prices
B) the OPEC cartel
C) growing international oligopoly
D) a shift from balanced to unbalanced oligopoly
E) a shift from price leadership to kinked demand curve oligopoly

Question

Quizplus · Accepted Answer

The greatest global redistribution of income in the 1970s occurred due to the actions of the OPEC (Organization of the Petroleum Exporting Countries) cartel, which significantly increased oil prices, leading to a massive transfer of wealth from oil-importing countries to oil-exporting countries.

The Greatest Global Redistribution of Income Ever Recorded Occurred in the 1970s