SW Asia Economic Standards SS7E5-SS7E6

Front

Regional conflicts in Southwest Asia, where many Organization of Petroleum Exporting Countries members are located, generally result in which of the following?

Back

an increase in oil prices

Front

In Abdul’s country the government makes most of the economic decisions and consumer choice and entrepreneurship is limited. The economic system in Abdul’s country is most likely

Back

command.

Front

Which nation is the world's largest exporter of petroleum?

Back

Saudi Arabia

Front

In 1960, Iran, Iraq, Kuwait, and Saudi Arabia joined Venezuela to form the Organization of the Petroleum Exporting Countries (OPEC). How did forming this organization allow those four Southwest Asian countries to gain billions of dollars to modernize their economies?

Back

By controlling supplies, OPEC nations were able to set the prices for oil.

Front

Why are the GDPs of Iran and Saudi Arabia higher than the other listed countries?

Back

because these nations control valuable natural resources

Front

Based on this information, which country has a higher standard of living and why?

Back

Country A likely has a higher standard of living because it has a higher literacy rate.

Front

Which of the following BEST describes a quota?
a ban placed on all trade with a particular
country,
a tax placed on goods imported from a country,
a tax on export goods paid to the exporting
government,
a limit on the amount of goods that can be
imported from a country

Back

a limit on the amount of goods that can be
imported from a country

Front

How do embargoes differ from other trade barriers such as quotas and tariffs?

Back

Embargoes cause an end to all trade across a range of goods.

Front

A monetary exchange system is necessary for international trade because it

Back

allows goods to be traded between nations with different currencies.

Front

In 1949, which two nations began the talks that resulted in the creation of the Organization of Petroleum Exporting Countries? Options: Kuwait and Iran, Iran and Venezuela, Saudi Arabia and Kuwait, Venezuela and Saudi Arabia

Back

Iran and Venezuela