Unit 5 Test Review

Front

Compared to Saudi Arabia, how does the economy of Turkey differ? Options: a larger dependence on petroleum revenue, less government regulation and intervention, a smaller dependence on agricultural revenue, more government regulation and intervention

Back

less government regulation and intervention

Front

What type of economy does Israel have?

Back

Mixed toward Market

Front

Where would MOST Southwest Asian nations be placed on the continuum?

Back

between points II and III

Front

Which of the following BEST compares the economies of Israel, Saudi Arabia, and Turkey? Options: Saudi Arabia has a larger private sector than Turkey and Israel. Turkey is more technologically advanced than Israel and Saudi Arabia. Turkey is more reliant on the production of oil than Saudi Arabia and Israel. Israel has fewer obstacles to starting a business than Turkey and Saudi Arabia.

Back

Israel has fewer obstacles to starting a business than Turkey and Saudi Arabia.

Front

John is moving to Southwest Asia to expand his business. He wants to live in a country with free markets, chances for economic development and little interaction with the government. Which country should John live in? Options: Saudi Arabia, Turkey, Iran, Israel

Back

Israel

Front

Where do Israel, Saudi Arabia, and Turkey fall on the economic continuum?

Back

I: Saudi Arabia; II: Turkey; III: Israel

Front

What is the example of Saudi Arabia's reliance on oil, which makes up over 90 percent of the country’s gross domestic product? Options: entrepreneurship, specialization, quotas, tariffs

Back

specialization

Front

Why does specialization encourage voluntary trade?

Back

Countries produce what they make best, and they trade to meet their needs.

Front

What international trade situation is being described when OPEC nations refused to allow the United States to purchase oil from its member countries in October of 1973, leading to a tripling of oil prices by Spring of 1974? Options: a tariff, a quota, a subsidy, an embargo

Back

an embargo

Front

What allows Iraq and Saudi Arabia to engage in oil trade despite Iraq's slowed production?

Back

There is a system of tariffs and quotas in the two countries that allows them to engage in trade.