Which is an example of a country that is overly dependent on another country for critical goods and services? a country that imports all its oil a country that imports all of its luxury goods a country that licenses some television shows a country that has some international businesses

The correct answer is: " A country that imports all its oil"

Oil is the basic energy source for many industries and manufacturing processes. When a country imports all its oil, it starts to be completely dependent on the oil exporter country, as it can never run out of oil. Therefore, the importer loses all its bargaining power on behalf of the exporter, that will set most of the conditions in the trade agreements reached..

Moreover, in general, oil exporting countries have created oligopolies so that join each other to gather enormous shares of market power. This allows them to influence the market conditions, specially the oil price, and to hold the bargaining power.

The correct option is (a) a country that imports all its oil.

Further explanation:

Oil is one of the most widely used sources of energy. The oil supply of a specific country is purchased from another, the second country has an unlimited bargaining power as a comparison to first and that country will impose its conditions over first.

DEPENDENCE OF ONE COUNTRY OVER ANOTHER COUNTRY

Oil is one of the basic energy sources for most of the industries and for their manufacturing processes. When a particular country imports its oil from another country then the other country starts to be dependent on the country which exports oil.

The importer country loses its bargaining power over the exporter country. The exporter country creates oligopolies so that they can join each other to gather various shares of market power. This influences the conditions of the market and bargaining power.

Learn more:

1. The government determines prices for goods and services in a_?

2. The closest the world came to war during the cold war was when the Soviet Union placed missiles on the Caribbean island.

Answer details:

Grade: High School

Subject: Social Studies

Topic: Dependence of one country over another country for oil

Keywords: energy, bargaining power, industries, manufacturing, exporter, importer, market power, import

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