Which of the following is a well-known example of a producers’ cartel in the global economy?

Introduction / Context:
This question is about economic organisations and the concept of a cartel. A cartel is a group of independent producers or firms that agree to coordinate prices, production levels, or market sharing to influence the market in their favour. Recognising real world examples of cartels is important for understanding market structures and international economic relations.

Given Data / Assumptions:

• The question asks for an example of a cartel.
• The options are OPEC, IMF, WTO, and UNO.
• We assume the question is framed in the context of standard economic textbooks.
• No numerical or formula based work is required; it is purely conceptual.

Concept / Approach:
OPEC, the Organization of the Petroleum Exporting Countries, is frequently cited as a classic example of a cartel. Member countries coordinate their oil production policies and often adjust output levels to influence global oil prices. This coordinated action among producers fits the definition of a cartel. In contrast, IMF, WTO, and UNO are intergovernmental organisations with broader policy and governance roles and are not producer cartels.

Step-by-Step Solution:
Step 1: Recall the definition of a cartel: a group of producers who coordinate to control prices or output. Step 2: Identify which option consists of producer countries with a shared commodity. OPEC brings together major oil exporting countries. Step 3: Recall that OPEC members collaborate to regulate oil production and thereby impact world oil prices. Step 4: Confirm that IMF, WTO, and UNO are not producer groups but general international organisations with different mandates. Step 5: Conclude that OPEC is the correct example of a cartel.
Verification / Alternative check:
You can verify by recalling that economics textbooks often use OPEC as the primary real world example while explaining the concept of a cartel and oligopoly behaviour. News reports about OPEC meetings frequently mention decisions to cut or increase oil production to stabilise or influence prices, reinforcing the notion of coordinated producer action.

Why Other Options Are Wrong:

• IMF (International Monetary Fund): It provides financial assistance and policy advice to member countries and is not a producers’ cartel.
• WTO (World Trade Organization): It sets rules for international trade and adjudicates disputes; it does not coordinate production among producers.
• UNO (United Nations Organization): It is a global body addressing peace, security, development, and human rights, not commodity production.

Common Pitfalls:
A typical mistake is to be distracted by the familiarity of organisations like IMF or WTO, which are often mentioned in news about the global economy. However, these institutions do not fit the definition of a cartel. Focusing on the keyword “producers’ cartel” and remembering OPEC’s role in the oil market will help you avoid confusion.

Final Answer:
A well-known example of a producers’ cartel in the global economy is OPEC, the Organization of the Petroleum Exporting Countries.