An oil company in Nigeria had been losing money for years. It used to locate and extract crude oil and then transport the crude oil to its own refineries. There, the oil was refined into products that could be sold for profit. The company's equipment was old, and there were other companies that produced crude oil more efficiently. The company sold off its drilling equipment and pipelines. It then invested in new technology for its refinery. Now it buys crude oil, refines it, and earns a profit selling the refined product.
Two-Part Question
Multiple Choice Question
Part A:
What occurred in the passage?
A.
economic specialization
B.
investment in human capital
C.
economic globalization
D.
investment in entrepreneurship
Multiple Choice Question
Part B:
1 answer
Part A:
What occurred in the passage? A. economic specialization
B. investment in human capital
C. economic globalization
D. investment in entrepreneurship
The correct answer is A. economic specialization.
The passage describes how the oil company shifted its focus from drilling and extracting crude oil to specializing in refining crude oil, which indicates a move towards economic specialization.
Part B: (please provide the question for Part B so I can assist you further)
