How did Latin America's richest country become so poor?

The state killed private business thus decimating the production capacity of the country's economy and relying primarily on exports.

Other countries conspired to take their resources

They ran out of oil

When Hugo Chavez nationalized (confiscated) private businesses to gain more control over the resources of the country, what was the effect?

Things ran much more efficiently

Individual business owners were prosecuted and their assets taken leading to people not wanting to risk owning a business.

Private companies were incentivized to charge lower prices so poor people could afford them.

The state was able to save money by having control of the companies.

After Hugo Chavez, Venezuela's poor have become much better off, income inequality has declined and corruption has been stymied?

True

False

In Venezuela, inflation is approximately?

13,000%

500%

15%

42%