Question

Which statement is true of development in both Nigeria and Venezuela?

A. It has completed a transition to a free-market economy.

B. It benefits from the sale of a valuable resource.

C. Its wealth is based on agriculture.

D. It has developed a service economy.

Answer 1

Letter B is correct: The development in the countries of Nigeria and Venezuela benefits from the sale of a valuable resource.

Both countries have a rich supply of a valuable natural resource: oil. While Nigeria ranks 5th place, Venezuela ranks 8th place on the oil exportation business ranking. Both economies have similar sizes and depend on foreign direct investment and demands.