Quiz 5 SW Asia

OPEC has not done which of the following?

• Set oil prices.

• Choose a few countries to export oil to.

• Regulate how much oil to produce.

• Take oil from oil-rich countries and sell it to other OPEC members.

How does the Organization of the Petroleum

Exporting Countries (OPEC) achieve its goal of

stabilizing the worldwide price for oil?

• by setting oil production limits for member nations to lower

  the supply of oil in the world

• by purchasing most of the oil available on the

  market from nonmembers

• by arranging exclusive contracts with private and

  nationalized oil companies

• by using its vote on the United Nations Security

  Council to set acceptable prices

What is OPEC's main purpose?

• To regulate and stabilize the price of oil on the world market

• To increase the supply of oil available to the world markets

• Coordinate peace agreements between Middle Eastern nations and the United States

Who is Muhammad?

• Founder of the Judaism religion

• Founder of the Islam religion

• Founder of the Christianity religion

skills, knowledge, and education of workers are examples of _____.

• natural resources

• human capital

• capital goods

• entrepreneurship

when companies spend money to provide healthcare for their employees, they are investing in ___.

• human capital

• capital goods

• natural resources

• entrepreneurs

Who was responsible for 9/11?

• Iraq

• Taliban

• Al Qaeda

• ISIS

Israel placed a tax on Turkey's rugs to encourage people to buy local textiles.

• Tariff

• Embargo

• Quota

• Limit

OPEC uses which trade barrier to regulate the price of oil?

• Tariff

• Quota

• Embargo

• Natural

1 USD is the same as 2.9 Turkish Lira. If you had 250 USD, how much currency would you get in exchange?

• 580

• 675

• 725

• 795