Review: Economic Activities Review

What happened to the oil rich nations of the Middle East after WW2?

• They reduced the cost of oil prices in order to establish market economies quickly

• They struggled to keep up with the demand from developed countries

• They reduced the shipping times from the Middle East to the West

• They became independent nations

Which country closed the Suez Canal?

• Iran

• Egypt

• India

• Syria

Why was the Suez Canal important?

• It was the major sea route for oil trade from the Middle East to the West

• It added shipping time for oil going to Europe

• It provided Israel with weapons

• It wasn't important, it had little to no effect on the Western Economy

When was OPEC formed?

• 1918

• 1957

• 1960

• 1973

What is the purpose of OPEC?

• To ensure the west receive well priced oil

• To ensure WW3 does not break out in the Middle East

• To control the price and supply of the worlds oil

• To ensure that each country can produce and sell oil at a price they desire

Which of the following countries attacked Israel during the Yon Kippur war, select all that apply:

• Syria

• Egypt

• USA

• Mexico

Which two events proved that Middle Eastern nations could threaten the world’s oil supply? 

• the OPEC oil embargo in 1973

• the discovery of an oil reserve in Iran in 1911

• the closing of the Suez Canal by Egypt in 1956

• the founding of the first commercial oil rig in Poland in 1853

• the discovery of an oil reserve in Iraq in 1914

Why have some countries in the Middle East become economically powerful?

• They have the greatest oil reserves.

• The region has the greatest coal reserves.

• They are the greatest exporters of automobiles.

• The countries are self-sufficient.

What was the main objective of the oil-rich countries of the Middle East after they became independent nations?

• to protect their resources and maximize their profit from the oil trade

• to export oil at the cheapest rate to maximize their profits in imports

• to protect their resources by ending the exportation of oil

• to export oil only to Middle Eastern countries