Front

Which statement best describes Israel's economic system? Options: Israel has a pure market system. Israel has a mixed economy with a stronger command side than market side. Israel has a mixed economy with a stronger market side than command side.

Back

Israel has a mixed economy with a stronger market side than command side.

Front

Which organization was created to manage petroleum prices in order to stabilize the world oil market?

Back

Organization of Petroleum Exporting Countries (OPEC)

Front

All of the following are ways OPEC has affected the world oil market EXCEPT… setting oil prices, regulating the amount of oil produced, selecting the countries to which oil can be exported, taking oil from oil-rich countries and redistributing it to other countries

Back

taking oil from oil-rich countries and redistributing it to other countries

Front

Which is the BEST example of specialization? A large business makes a variety of goods., A country has a large number of imports but no exports., A farmer grows crops, harvest crops, and sells crops to individuals and businesses., A factory builds seats that will be sold to different car manufacturers to be installed in a variety of cars.

Back

A factory builds seats that will be sold to different car manufacturers to be installed in a variety of cars.

Front

Which word has the same meaning as the economic term "tariff"?

Back

tax

Front

If OPEC cut oil production for next year, what would most likely be the effect?

Back

oil prices would most likely rise

Front

What kind of trade barrier is being described when Saudi Arabia institutes a maximum 40% charge on imported food, with a 40% import duty rate on fresh, dried/processed dates and 25% on wheat flour?

Back

tariff

Front

The economies of Israel, Saudi Arabia, Turkey, and Iran could best be described as

Back

mixed

Front

Why was OPEC created?

Back

To regulate the supply and price of oil

Front

Tariffs and quotas are alike because they both __________________.

Back

restrict or limit trade between countries.