SW Asia CA2

The economies of Israel, Saudi Arabia, Turkey, and Iran could be best described as

• Traditional
• Pure Market
• Mixed Command
• Mixed Market

What are the 3 basic economic questions that all economic systems must answer?

• What to produce, how to produce it, and for whom to produce the goods
• When to produce, why to produce, and how long to produce
• To what extent to produce, how much to produce, why to produce
• What to produce, why to produce, and how much to produce

Which organization was created to manage petroleum prices in order to stabilize the world oil market?

• Countries Selling Oil (CSO)
• Countries with Oil for Sale (CWOFS)
• Organization of Petroleum Importing Countries (OPIC)
• Organization of Petroleum Exporting Countries (OPEC)

All of the following are ways OPEC has affected the world oil market EXCEPT…

• setting oil prices
• regulating the amount of oil produced
• selecting the countries to which oil can be exported
• taking oil from oil-rich countries and redistributing it to other countries

Which is the BEST example of specialization?

• A large business makes a variety of goods.
• A country has a large number of imports but no exports.
• A farmer grows crops, harvest crops, and sells crops to individuals and businesses.
• A factory builds seats that will be sold to different car manufacturers to be installed in a variety of cars.

Tariffs and quotas are alike because they both __________________.

• restrict or limit trade between countries.
• completely stop trade between countries.
• increase trade between countries.
• make trading a lot easier between countries.

Which Southwest Asian country’s businesses are under the LEAST amount of government control?

• Israel
• Saudi Arabia
• Iran
• Syria

Which type of economic system bases its decisions on custom?

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

Which type of economy is controlled by the government?

• Command
• Market
• Mixed
• Democratic

Which type of economy is run by the businesses & business owners?

• Command
• Mixed
• Communist
• Market