Which of the following is the most well-known system of export quotas?
A) export quotas established by the Organization of Iron Ore Exporters (OIOE)
B) export quotas established by the International Cocoa Cartel (ICC)
C) export quotas established by the International Bauxite Organization (IBO)
D) export quotas established by the Organization of Petroleum Exporting Countries (OPEC)

Question

Quizplus · Accepted Answer

The organization mentioned in option D, OPEC, is the most well-known system of export quotas. It is a prominent international organization consisting of some of the world's major oil-exporting nations. OPEC has been implementing export quotas for crude oil since 1982 to influence the global oil market. The other organizations mentioned in options A, B, and C, are relatively less known and do not have as significant an impact as OPEC.

Which of the Following Is the Most Well-Known System of Export