Voluntary Trade in SW Asia

Which are correct about specialization?

• It is the most efficient way to work and lowers the price of the resources.

• It makes the price of products more expensive.

• It allows people to like the products more.

Saudi Arabia, Iran, Iraq, and Kuwait specialize in ____________________________

and export millions of barrels of oil every day.

• Water Production

• Gas Production

• Oil Production

• Tea Production

What the currency of a nation is ______________ in terms of another country’s currency is called the exchange rate

• unimportance

• worth

• Quota

• Tariff

Money from one country must be ___________________ into the currency of another country to pay for goods in that country.

• persited

• lasted

• remained

• converted

Because countries have ____________________________ of currency, international trade requires a system for exchanging currencies between nations.

• different forms

• same forms

• good forms

• current forms

a system of medium of exchange for goods and services for a general use in a particular country.

• Tools

• Currency

• Quota

• Tariff

Quotas, Tariffs, Embargoes are all forms of ______________________

• Trade Barriers

• Tool Barriers

• Trade liberations

• Trade Links

When a country puts limits on the amount of a good that can be imported into a country.

• Tariff

• Quota

• Embargo

• Barrier

Specialization increases trade because a country can get what it needs at a __________________ cost when produced by someone who specializes in producing that item.

• higher

• lower

• negative

• Quotas

Voluntary trade is good for countries because it lets a country _______________ its own resources and _____________ the resources it needs.

• steal and rob

• sell and buy

• distinquish and release

• relate and debate