Question

Venezuelas economic institutions differ from those of other nations in the region mainly because Venezuela
Depends heavily on a nationalized oil industry
Has an entirely free market economy
Redistributes land and west across classy
Engages in a variety of economic activities

Answer 1

Venezuela's economic institutions differ from those of other nations in the region mainly because **it depends heavily on a nationalized oil industry**. The Venezuelan government has historically taken control of the country's oil resources, which has become a central element of its economy. This heavy reliance on oil exports has shaped its economic policies and institutions, leading to differences compared to other countries that may have more diversified economies or different approaches to resource management. Other options, such as having an entirely free market economy or redistributing land, do not accurately describe Venezuela's economic framework.