2nd 9 weeks Exam: ME History, Gov, Econ, and Africa Geography

Which list ranks the countries' economic systems from the MOST market leaning to the LEAST market leaning?

• Israel, Turkey, Saudi Arabia

• Israel, Saudi Arabia, Turkey

• Turkey, Israel, Saudi Arabia

• Saudi Arabia, Turkey, Israel

Countries in Southwest Asia use trade barriers to benefit their economies. Which statement BEST explains why a country's government might impose a tariff or quota?

• To decrease government revenue and harm domestic industries.
• To protect domestic industries and increase government revenue.
• To reduce the cost of imported goods and stimulate domestic production.
• To promote free trade and support foreign industries.

What is the primary function of the Organization of Petroleum Exporting Countries (OPEC)?

• OPEC regulates the supply and price of the oil exported to countries.

• OPEC lowers the price of oil when the world production goes down.

• OPEC ensures that oil prices will remain steady and oil will be available for export.

• OPEC works with the United States to make sure oil prices are fair for all countries involved in international trade.

Saudi Arabia is a world leader in the production of oil. The majority of the oil industry in Saudi Arabia is controlled and operated by the government. The king of Saudi Arabia, along with his advisors, decides how to use the profits made from oil exports. What conclusion can be drawn from the text regarding Saudi Arabia's economic system?

• Saudi Arabia leans more towards a command economy because the government decides how to use profits made from oil exports.

• The economy of Saudi Arabia leans more towards a market economy because private investors own the majority of the oil industry.

If the standard of living in Turkey decreases rapidly, what other measure is likely to decrease along with the standard of living?

• Literacy Rate

• percentage of workforce in services

Which measures would countries in Southwest Asia MOST LIKELY use if they want to protect their domestic industries?

• tariffs and quotas

• quotas and embargoes

• tariffs and specialization

• specialization and embargoes

Saudi Arabia's economy is extremely rich in oil. Oil is a very valuable natural resource necessary to fuel industrial production. Why would Saudi Arabia trade with a nation whose economy is based in agriculture?

• Oil is so much more valuable than agriculture that Saudi Arabia can charge high prices.

• That nation might agree to let Saudi Arabia benefit more from the deal so that nation can get what it needs.

• Focusing on oil and trading with another nation for agriculture allows both nations to produce their goods more cheaply.

The United States trades goods internationally with Israel. The United States uses the US dollar as currency, whereas, Israel uses the Israeli new shekel. What must happen for trade to successfully occur between the United States and Israel?

• All tariffs and quotas must be eliminated.

• A system for exchanging currency between nations is required.

• The two countries must trade the same amount of goods to keep international trade balanced.

• The United States must agree not to trade with Saudi Arabia since they do not trade with Israel.

How might the Turkish government BEST increase its GDP?

• Import cheaper goods from Turkey's neighbors.

• Invest in programs to help Turkey's citizens learn new job skills.

• Promote Turkey as a desirable place for skilled western workers to emigrate.

What is an entrepreneur?

• An entrepreneur is a person who starts a business or organization, taking on financial risks in the hope of profit.
• An entrepreneur is a person who avoids taking financial risks
• An entrepreneur is a person who works for someone else
• An entrepreneur is a person who is not involved in business