SW Asia trade

Which industry does Saudi Arabia's government specialize in?

• Oil
• technology
• agriculture
• textile manufacturing

Israel has specialized in the area of technology because:

• It has few natural resources.

• It has a poorly educated population.

• The money earned is used to support the military.

• The country has little in the way of fishing.

Which of these natural resources is in extremely short supply in the Middle East?

• Water
• Coal
• Iron
• Oil

Why do businesses specialize?

• Because they can sell more types of goods.

• So they can produce goods at a slower pace.

• So the workers will not become experts in their jobs.

• Because they produce more goods in less time for less money.

Why is specialization so valuable to international trade today?

• Most countries only make one product really well.

• Specialization allows people to do a better job at producing what they make best and trade for the things they need.

• It keeps the prices low on imported goods.

• It limits the amount of agriculture a country allows.

Saudi Arabia specializes in the production of:

• Oil and olives

• Olives and grapes

• Natural gas and oil

• Livestock

How are tariffs and quotas are alike?

• They are trade barriers that restrict or limit trade between countries.

• They completely stop trade between countries.

• They increase trade between countries.

• They make trading a lot easier between countries.

In 1973, certain countries stopped exporting oil to the United States in protest against the US support of Israel. What type of trade barrier is this?

• mountain

• tariff

• quota

• embargo

If a country's government puts a limit on how much of another country's product it will import, this is what type of trade barrier?

• Embargo

• Tariff

• Quota

• Opportunity Cost

What do you call a person who takes risks by starting a new business?

• An international trader

• An economist

• An entrepreneur

• A dictator