October 8 Quiz questions

1. Both political and economic factors played a role in the decision by the Government of Saudi Arabia to embargo oil in late October 1973.  What were they?

2. When the Saudi government decided to embargo oil in October 1973, how did it implement the embargo?

3.  After the oil price increases resulting from the 1973 Ramadan/Yom Kippur War, oil exporters gained vary large incomes.  The concentration of dollars in the hands of oil exporters created a problem for the global economy.  Explain this problem.