Venezuela’s economic institutions differ from those of other nations in the region mainly because Venezuela

Question

depends heavily on a nationalized oil industry

has an entirely free market economy

redistributes land and wealth across classes

engages in a variety of economic activities

Answer 1

Venezuela’s economic institutions differ from those of other nations in the region mainly because Venezuela depends heavily on a nationalized oil industry. The country's economy is largely driven by oil revenues, and the state controls the oil sector, which significantly affects its economic structure and policies compared to other nations in the region.