Economics Quiz

What do we call the process of determining the cost of goods in a different currency?

• Exchange Rate

• Interest Rate

• Literacy Rate

• Production Rate

What describes the limit that OPEC puts on its members' production of oil?

• Embargo

• Quota

• Tariff

• Tax

Why is it important for a nation to have a system to convert from one currency to another?

Which country invests in human capital and capital goods, imports most of their oil supply, and regulates much of their agricultural sector?

• Iran

• Israel

• Saudi Arabia

• Turkey

Which of the following represents specialization in the Middle East?

• Saudi Arabia lacks an abundance of technology but has vast amounts of petroleum. Turkey has an abundance of oil but lacks technology.

• Saudi Arabia lacks an abundance of oil but has vast amounts of technology. Turkey has an abundance of petroleum but lacks arable land.

• 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.

• Saudi Arabia lacks an abundance of arable land but has vast amounts of petroleum. Turkey has a climate and land suitable for crops but lacks an abundance of oil.

During the 1973 Oil Crisis, which two things interacted as a trade barrier and economic principle?

• Embargo and supply and demand

• Export and specialization

• Quota and currency exchange

• Tariff and scarcity

Which international organization do Kuwait, Saudi Arabia, and Iran belong to, and what is its primary function?

• NATO, encourages democracy and economic success.

• NATO, controls the quality and production of petroleum

• OPEC controls the price and production of oil.

• OPEC, controls the exchange rate between Persian Gulf countries

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

• Prices rise

• Prices drop

• Prices stay the same.

• Oil stops being sold.

Which of the countries listed below have oil as their main export?

• Turkey and Syria

• Israel and Jordan

• Lebanon and Kuwait

• Saudi Arabia and Iran

What can you conclude about human capital investments in Yemen?