Economics of the Middle East

How do command and market economies compare to each other?

• Neither have economic freedom
• Both have full economic freedom
• The Government plays a larger role in a command economy
• The government plays a smaller role in a command economy

What type of economy do most countries on the globe and in the Middle East have?

• Market Economy
• Command Economy
• Mixed Economy
• Traditional Economy

How does literacy rate impact a country's standard of living?

• The higher the literacy rate, the higher the standard of living
• The higher the literacy rate, the lower the standard of living

Israel does not have good access to water, making it hard for them to include farming and agriculture into their economy. What can Israel do instead?

• Try harder to make farming possible
• Create manmade lakes to retain water
• Specialize in the fishing industry
• Specialize in industries like technology

If oil accounts for a major percentage of Saudi Arabia's exports and economy, that means that Saudi Arabia __________ in producing oil.

• Specializes
• Exports
• Entrepreneur
• Tariff

What is the purpose of a system of currency exchange?

• It allows people in different countries to trade with one another.
• Creates more trade barriers
• Makes trading harder between countries
• Creates less opportunities for trade

What trade barrier is a tax placed on a good entering a country?

• Embargo
• Quota
• Tariff

If a country places a complete ban on trade on another country, this is an example of what?

• Embargo
• Quota
• Tariff

What is the goal of OPEC?

• Create new trading opportunities in the middle east
• Regulate the oil market
• Regulate the water crisis
• Raise literacy rate in the middle east

What causes different levels of economic development in the middle east?

• Access to agriculture
• Access to water
• Access to coal mining
• Access to oil