AKS 47 Review

Front

Why do businesses specialize?

Back

Because they produce more goods in less time for less money.

Front

Why is specialization so valuable to international trade today?

Back

Specialization allows people to do a better job at producing what they make best and trade for the things they need.

Front

Saudi Arabia specializes in the production of: Oil and olives, Olives and grapes, Natural gas and oil, Livestock

Back

Natural gas and oil

Front

Israel has specialized in the area of technology because:

Back

It has few natural resources.

Front

Why did the oil producing countries join to form OPEC?

Back

To control the oil supply and its prices.

Front

What happens to the price of oil when OPEC countries decide to reduce production?

Back

Oil prices increase

Front

How are tariffs and quotas alike?

Back

They are trade barriers that restrict or limit trade between countries.

Front

In 1973, certain countries stopped exporting oil to the United States in protest against the US support of Israel. What type of trade barrier is this?

Back

embargo

Front

If a country's government puts a limit on how much of another country's product it will import, this is what type of trade barrier?

Back

Quota

Front

The __________________ dominates the economies of several SW Asian nations

Back

oil industry