Economics of the Middle East

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1.
1 point
Tariffs and quotas are alike because they both __________________.

2.
1 point
In 1973, Southwest Asian countries stopped exporting oil to the United States in protest against the US’ support of Israel. What type of trade barrier is this?
3.
1 point
Define specialization:
4.
1 point
Identify where most OPEC countries located?
Africa
North America
Southern and Eastern Asia
Southwest Asia
5.
1 point
If Saudi Arabia’s government puts a limit on how much Israeli Dead Sea salt it will import this year, identify which trade barrier is this?
6.
1 point
In a traditional economy, how are economic decisions made?
7.
1 point
A person who takes risks by starting a new business is known as a(n):
8.
1 point
Tell why Israel specialized in the area of technology?

9.
1 point
Explain why OPEC created?
10.
1 point
The economies of Israel, Saudi Arabia, Turkey, and Iran can best be described as:
11.
1 point
What happens to the price of oil when OPEC countries decide to reduce production?

12.
1 point
Saudi Arabia specializes in the production of:
13.
1 point
Discuss why specialization is so valuable to international trade today?
14.
1 point
hich Southwest Asian country’s businesses are under the LEAST amount of government control?
15.
1 point
Syria has not built new factories or used new technology in many years. What is the country NOT investing in?
16.
1 point
What 3 economic questions are asked when studying the similarities of traditional, command, market, and mixed economies among nations of the world?
17.
1 point
The relationship between the literacy rate and standard of living in Southwest Asia is _________.
18.
1 point
Which of the following would reflect Israel’s mixed economy?

19.
1 point
One of Iran’s biggest problems with their state-run oil industry is:
20.
1 point
What is the definition of Gross Domestic Product (GDP)?