Southwest Asia Voluntary Trade

Front

Which are correct about specialization? Options: It is the most efficient way to work and lowers the price of the resources., It makes the price of products more expensive., It allows people to like the products more.

Back

It is the most efficient way to work and lowers the price of the resources.

Front

Saudi Arabia, Iran, Iraq, and Kuwait specialize in ____________________________ and export millions of barrels of oil every day.

Back

Oil Production

Front

What the currency of a nation is ______________ in terms of another country’s currency is called the exchange rate

Back

worth

Front

Money from one country must be ___________________ into the currency of another country to pay for goods in that country.

Back

converted

Front

Because countries have ____________________________ of currency, international trade requires a system for exchanging currencies between nations.

Back

different forms

Front

a system of medium of exchange for goods and services for a general use in a particular country.

Back

Currency

Front

Quotas, Tariffs, Embargoes are all forms of ______________________

Back

Trade Barriers

Front

When a country puts limits on the amount of a good that can be imported into a country.

Back

Quota

Front

Specialization increases trade because a country can get what it needs at a __________________ cost when produced by someone who specializes in producing that item.

Back

lower

Front

Voluntary trade is good for countries because it lets a country _______________ its own resources and _____________ the resources it needs.

Back

sell and buy