Economics of SW Asia Review

Farhad is from Iran and wants to buy something from Afghanistan. In order to buy the good, he must determine what the good will cost him in Afghanistan’s currency rather than Iran’s. This describes..

• Subside

• Exchange Rate

• Trade Barrier

• Specialization

Which is an example of a service industry job in Turkey?

• Executive, Legislative

• King, Dictator

• Teacher, Police officer, Healthcare

• President, Prime Minister

What Southwest Asian country's economy is based on agriculture?

• Israel

• Iran

• Saudi Arabia

• Turkey

This country has the highest literacy rate and the greatest number of entrepreneurs

• Israel

• Iran

• Saudi Arabia

• Turkey

How has Israel made up for its lack of natural resources?

• investing in oil

• investing in human capital

• investing in agriculture

• investing in a traditional economy

Saudi Arabia lacks an abundance of arable land, but has vast amounts of agriculture. Turkey has a climate and land suitable for crops, but lacks water.

Which of the following makes this statement FALSE?

• Saudi Arabia lacks arable land

• Turkey has land suitable for crops

• Saudi Arabia has vast amounts of agriculture

• Turkey has climate suitable for crops

What happens to the price of oil when OPEC countries decide to reduce production?

• Prices drop

• Prices rise

• Prices stay the same

• Production is reduced

What will happen to a country's GDP if its infrastructure investments decrease?

• GDP will decrease

• GDP will increase

• GDP will not be impacted

• Infrastructure will decrease

What productive resource includes oil wells, factories, and refineries?

• human capital

• capital goods

• infrastructure

• specialization

Which country is a leader in high tech technology, and they invest in human capital and capital goods?

• Israel

• Iran

• Saudi Arabia

• Turkey