Middle East Economics

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

• Countries Selling Oil (CSO)
• Countries with Oil for Sale (CWOFS)
• Organization of Petroleum Importing Countries (OPIC)
• Organization of Petroleum Exporting Countries (OPEC)

Which of the following statements about oil and the Middle East is true?

• Countries with oil reserves have a higher GDP
• Countries without oil reserves have a lower GDP
• Countries without oil reserves must specialize in other industries.
• All of the these statements are true

After the Persian Gulf War, the United Nations imposed an embargo on Iraq. What would be the reason an embargo was used by the United Nations?

• To control the Iraqi economy after the War.
• To restrict trade with Iraq until they met UN requirements.
• To increase the cost of Iraqi products to help Iraq’s economy.

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

• tax
• debt
• money
• savings

When a company educates and trains its people, it is investing in _______.

• structure
• transportation
• human capital
• natural resources

Jose is an auto mechanic in a nearby larger town. He has decided his own small town needs its own car repair shop. Jose bought the building and opened his shop. Jose is an example of _____.

• Trade surplus
• Opportunity costs
• Entrepreneur
• Gross Domestic Product

Which natural resource is significant to the economies of Middle East countries?

• iron ore
• gold
• oil
• coal

Which location identifies where MOST of the world economies would be placed on this graphic?

• At point A
• At point B
• Between points A & B
• Between points C & D

Many major industries in Saudi Arabia have significant government involvement or are government controlled. Based solely on this information, which type of economic system would BEST describe Saudi Arabia?

• market
• federalist
• traditional
• command

Turkey, like most countries, has much economic freedom with some government involvement. Which term describes this economic system?

• Market
• Mixed
• Traditional
• Command