Unit 1 Lessons 6 + 7 Economies and Oil

Multiple Choice

Which of the following best describes a traditional economy?

• An economy controlled by the government

• An economy based on bartering and family traditions

• An economy driven by supply and demand

• An economy that combines several types of economies

Multiple Choice

Which of the following countries has a command economy?

• United States

• South Korea

• North Korea

• Japan

Multiple Choice

What happens to the price of a product when supply goes up and demand goes down in a market economy?

• The price increases

• The price stays the same

• The price decreases

• The price becomes unpredictable

Multiple Choice

How does a command economy differ from a market economy?

• A command economy is based on bartering, while a market economy is based on supply and demand.

• A command economy is controlled by the government, while a market economy allows individuals to innovate based on supply and demand.

• A command economy is found in the United States, while a market economy is found in North Korea.

• A command economy allows for free competition, while a market economy does not.

Multiple Choice

Mixed economies have elements of both market and command economies.

• True

• False

Open Ended

What type of economy would you want your country to have if you were King or Queen, and why? Include what you would export from your country.

Multiple Choice

Which Southwest Asian country is the leading exporter of crude oil?

• Saudi Arabia

• Israel

• Kuwait

• Sudan

• OPEC stands for Organization of the Petroleum Exporting Countries.

• This group got together to make sure that crude oil was distributed fairly around the world.

• OPEC makes sure that oil prices do not get too low or high because of constant demand or changes in global politics.

• The price of oil per barrel is what determines the price of car gas at the gas stations.

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OPEC

Multiple Select

Which of the following countries are members of OPEC?

• Iran

• United Arab Emirates

• Russia

• Saudi Arabia

Open Ended

Explain how oil exports from Southwest Asia can affect global politics and economies.

Multiple Select

Which of the following statements about OPEC are correct?

• OPEC stands for Organization of the Petroleum Exporting Countries.

• OPEC ensures crude oil is distributed fairly around the world.

• OPEC makes sure oil prices do not get too low or high.

• OPEC only includes countries from Southwest Asia.