S1 Review - Economics

Which country in Southwest Asia is the most free both economically and politically?

• Turkey

• Israel

• Saudi Arabia

• Iran

Which country specializes in importing raw uncut diamonds and exporting finished diamonds?

• Israel

• Saudi Arabia

• Iran

• Iraq

A limit on the amount of a good that is imported

• poverty

• quota

• tariff

• economy

When one country refuses to trade with another country.

• export

• quota

• embargo

• market

Saudi Arabia's economy relies heavily on

• the tourist industry

• the petroleum industry

• the fine metals industry

• the natural gas industry

Saudi Arabia's economy relies heavily on

• the tourist industry

• the petroleum industry

• the fine metals industry

• the natural gas industry

Why must Saudi Arabia diversify its economy?

• The global price of oil is increasing

• The global price of oil is decreasing

• The supply of oil is increasing in the world

• the supply of oil is being replaced at a slow rate

Why is water a source of conflict in the Middle East?

• Because of unequal distribution and limited access to fresh water sources.

• Because of competition between companies that desalinate water.

• Because there are people who believe water should go to only the wealthiest nations.

• Because there is so much water in SW Asia, nations fight over who should control it.

What is the primary function of OPEC?

• To determine who gets oil and who does not.

• To regulate the price of oil on the global market.

• To decide how much oil should be traded between nations.

• They have no function; they are just a group of countries.

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

• United States

• Turkey

• Saudi Arabia

• Iran