Why It's So Hard for Commodity Producers to Diversify

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Business, Architecture
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University
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Hard
Wayground Content
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5 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one of the main economic challenges faced by Nigeria as discussed in the video?
Over-reliance on agriculture
Dependency on oil exports
High inflation rates
Lack of foreign investments
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What strategy could Nigeria have used to better manage economic shortfalls?
Increasing agricultural exports
Establishing a rainy day fund
Reducing foreign debt
Investing in technology startups
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is economic diversification challenging for countries reliant on a single commodity?
Lack of skilled labor
Historical difficulty in shifting economic focus
Insufficient natural resources
High levels of corruption
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What could cause oil prices to rise to $60 a barrel according to the video?
Geopolitical risks and production impairments
Increased global demand
New oil discoveries
Technological advancements in oil extraction
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How might a weakening U.S. dollar affect oil prices?
It would likely increase oil prices
It would have no effect on oil prices
It would likely decrease oil prices
It would stabilize oil prices
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