Voluntary Trade and OPEC Quiz ('Copy')

Why is voluntary trade good for countries?

• It lets a country sell its own resources and buy the resources it needs

• It stabilizes the world economy

• It allows a country to get rich by selling goods

• It allows countries to get extra things

What is specialization?

• When a business only makes ONE product

• When a country can produce everything it needs

• When a country can't produce what it needs and has to import everything

• When a country produces products it makes best in order to trade for goods it can't produce easily.

What does O.P.E.C. stand for?

• Oil Production Exporting Countries

• Organization of Petroleum Exporting Countries

• Organization of Petroleum Enhancing Corporations

• Oil Pipelines Entering Countries

Why was O.P.E.C. created?

• To allow oil producing countries to produce as much oil as they wanted

• To allow oil producing countries to charge whatever they wanted for oil

• To ensure member countries dominate the oil industry

• To regulate the price and production of oil

What does Turkey specialize in?

• Coal

• Diamonds

• Timber

• Oil

What is an example of a natural trade barrier?

• Embargos

• Mountains

• Quota

• Tariffs

If Turkey places a limit on the number of automobiles that can be imported in a year, what is this called?

• Quota

• Embargo

• Moutains

• Tariff

If Israel places a tax on food that is imported from other countries, what is this called?

• Tariff

• Voluntary Trade

• Embargo

• Quota

What is it called when a country refuses to trade with another country for political reasons?

• Voluntary Trade

• Quota

• Embargo

• Tariff

Why do countries need a system of currency exchange?

• To keep countries from buying goods and services from other countries

• To encourage trade between countries

• To strengthen the world economy

• So they can purchase goods from other countries with different currencies.