Norway - Is It The Perfect Economy?: Norway Hits The Jackpot

Norway is often cited as a model for a successful socialist-capitalist mixed economy, boasting high GDP per capita, low unemployment, and economic equality. Despite its current prosperity, Norway was not always affluent. In the 1960s, it was primarily a fishing economy. The turning point came in 1963 when Norway claimed rights over North Sea resources, leading to a significant oil discovery in 1969. Unlike other oil-rich nations, Norway managed its resources prudently through a state-owned company, Stat, ensuring profits benefited the public. This approach has allowed Norway to maintain high taxes and invest in long-term prosperity.

What is one of the key features of Norway's economic model?

• Economic equality

• Low GDP per capita

• High unemployment rates

• Lack of skilled workforce

How does Norway's working hours compare to the OECD average?

• Higher than the OECD average

• Lower than the OECD average

• Not mentioned in the comparison

• Equal to the OECD average

What significant event in the 1960s contributed to Norway's economic transformation?

• Introduction of new fishing techniques

• Discovery of oil in the North Sea

• Joining the European Union

• Discovery of gold

How did the Norwegian government handle the oil wealth?

• Invested in public resources

• Invested in private companies

• Reduced taxes significantly

• Spent on luxury projects

What was Norway's GDP growth in the 1970s attributed to?

• Tourism boom

• Oil production

• Manufacturing growth

• Increase in fishing exports

Which company was responsible for managing Norway's oil and gas sales?

• Stat

• BP

• Exxon

• Shell

What approach did Norway avoid despite having significant oil wealth?

• Public spending spree

• Increasing taxes

• Reducing public spending

• Investing in education