How would the economies of Saudi Arabia and Iraq be affected if people in other countries stopped using as much oil as they do today?(1 point)

Question

Responses

Their economies would suffer as other countries bought less of the oil that Saudi Arabia and Iraq produce.
Their economies would suffer as other countries bought less of the oil that Saudi Arabia and Iraq produce.

Their economies would suffer as the price of oil went up and their profits went down.
Their economies would suffer as the price of oil went up and their profits went down.

Their economies would improve as the price of oil rose and jobs in the oil industry were created.
Their economies would improve as the price of oil rose and jobs in the oil industry were created.

Their economies would not be seriously affected because they are very diverse.

Answer 1

The most accurate response is:

Their economies would suffer as other countries bought less of the oil that Saudi Arabia and Iraq produce.

This is because both Saudi Arabia and Iraq heavily rely on oil exports for their economic revenue, and a significant reduction in global oil consumption would lead to decreased demand for their oil, negatively impacting their economies.