Question

what would happen to the price of oil if the organization of the petroleum exporting countries (opec) decided to produce less oil? what economic term describes a country that limits the amount of a product that can be imported from another country?

Explanation:

For the first question, according to the law of supply - and - demand in economics, when OPEC reduces oil production, the supply of oil in the market decreases. With demand remaining the same or increasing, the price of oil will rise. For the second question, the economic term for a country limiting the amount of a product imported from another country is a quota.

Answer:

If OPEC decided to produce less oil, the price of oil would likely rise.
The economic term is quota.