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 most widely used source of energy and the basis of most production processes. Therefore, when the whole oil supply of a specific country is entirely purchased from another, this second country has an unlimited bargaining power over the first, and will impose its conditions.

A country that imports all of its oil.

Further Explanation-

Oil is the basic source of energy for industries and commercial activities that determine the economic growth of a nation. The country which imports all of its oil from other countries somehow comes under their political and economic control, for the exporter country is aware of the fact that the economy of the importing country is dependent on it. Moreover, the exporting country can quote any price to the importing country, and they will be compelled to agree to all terms and conditions set by the exporting country. Moreover, the oil-producing states are aware of the abundance of their reserves, and therefore they have the power to affect the prices of oil in the world market.

The most important resources of a country that helps in its economic development are its natural resources. The financial stability of any country depends on how successfully it can exploit its natural resources. It can also offer its products for sale in the international market; however, the necessity of its resources has to be properly assessed. Sources of energy such as oil, coal and natural gas are required by every country to increase industrialization and run their factories, offices, and schools. A country that is devoid of natural resources is compelled to import them from nations that have them in abundance. The exporting nations have the ability to influence prices at their will, by withholding reserves of oil during high demand. They also exert a significant political and economic influence on the importing nations.

Learn more:

1. Why was the supreme court’s ruling important in gallows v. new York?

2. What contributed to the downfall of china’s republic?

3. How did California differ from the united states in terms of interactions of whites and natives?

Answer Details-

Grade- Secondary School.

Chapter- The politics of import and export of oil.

Subject- Political science.

Additional Remarks- This chapter outlines the politics and diplomacy involved between nations engaging in international trade.

Keywords-

Oil, supply, demand, political and economic influence, international market, industrialization.

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