1.  a) Name the capital of Venezuela.
b) What countries border Venezuela?
c) Who is the president of Venezuela?

2.  What does it mean to nationalize a company or an industry?

3.  a) Why is Venezuela's national oil company having financial problems?
b) Along with Chavez's use of Petroleos de Venezuela's earnings, what other factors would contribute to its potential bankruptcy?

4.  How did Mr. Chavez cause a rise in inflation of 18.4% last year?

5.  What has Mr. Chavez's skimming of 50% of the oil company's profits forced it to do?

6.  Social spending (with goals to combat disease, illiteracy, malnutrition, poverty, and other social ills) of company profits now outpaces the $7 billion a year spent on maintenance and expansion of the company's oil operations.  Do you think that the company can continue to operate AND continue to contribute to government-led social programs?  Explain your answer.