An example of an effective commodity agreement is ________.
A)the Organization of Petroleum Exporting Countries
B)the Organization of Petroleum Importing Countries
C)the International Tin Alliance
D)the International Cotton Alliance

Question

Quizplus · Accepted Answer

The Organization of Petroleum Exporting Countries (OPEC) is an example of an effective commodity agreement that has been in place since 1960. OPEC is a group made up of 13 oil-producing countries that coordinate and regulate the supply and prices of oil on the global market. OPEC's ability to control their production levels and set prices has been effective in stabilizing the oil market over the years.

An Example of an Effective Commodity Agreement Is ________