Oil-rich Venezuela is poor in many basic necessities

The video discusses the economic situation in Venezuela, focusing on the shortages of basic necessities despite the country's oil wealth. It highlights the long lines in supermarkets and the lack of essential products like milk, coffee, and toilet paper. The government blames international trade, while economists point to price controls as a cause. Despite increased revenue and consumption, Venezuela faces distribution challenges due to poor infrastructure.

What is surprising about the supermarkets in Caracas despite the presence of international brands?

• They have an abundance of luxury items.

• They have long lines for basic products.

• They offer discounts on all products.

• They are open 24/7.

Which basic necessity is mentioned as being in short supply in some supermarkets?

• Rice

• Milk

• Vegetables

• Bread

What do economists blame for the shortages in Venezuela?

• Lack of foreign investment

• Natural disasters

• Government-imposed price controls

• International trade system

What has increased by 50% in Venezuela over the past four years?

• Revenue

• Unemployment

• Inflation

• Population

What is one partial solution to the increased demand in Venezuela?

• Reducing exports

• Cutting government spending

• Raising taxes

• Increasing imports