SS7E6 and SS7E7

Front

Why is specialization important?

Back

All of the options listed contribute to the importance of specialization.

Front

Which trade barrier is a tax on imported goods?

Back

Tariff

Front

After the Persian Gulf War, the U.N. imposed an embargo on Iraq. What would be a reason why an embargo was used by the U.N.?

Back

To restrict trade with Iraq until they met U.N. requirements

Front

Which of the following countries does NOT benefit from large oil reserves?
Iran, Saudi Arabia, Israel, Kuwait

Back

Israel

Front

Oil is the major export of Saudi Arabia to many different countries. Saudi Arabia’s international trade in oil is made much easier by

Back

A system to exchange currency between countries.

Front

Saudi Arabia’s literacy rate has grown from 49% in 1980 to 79% in 2010. This may indicate that investments have been made in which category?

Back

Human Capital

Front

What impact does the centralized economy and regulations in Iran compared to the ease of business ownership in Saudi Arabia have on the role of entrepreneurs in both countries?

Back

Entrepreneurs will be able to make significant contributions to Saudi Arabia’s economy but not to Iran’s economy.

Front

What role does OPEC play in the world oil market?

Back

It controls the price of oil

Front

An economic system is a way in which people decide to organize the production, distribution, and consumption of goods and services.

Back

true

Front

Most societies have some type of mixed economy.

Back

true