Quiz on OPEC

Which nation is considered the most influential member of OPEC?

• Venezuela

• Saudi Arabia

• United Arab Emirates

• Kuwait

How does the decision of OPEC countries to cut oil production affect oil prices?

• oil prices decrease

• oil prices increase

Considering the literacy rates provided, which country is likely to face the most challenges in economic development?

• Iran, due to its political structure as a theocratic republic.

• Israel, because it is surrounded by countries with different dominant religions.

• Afghanistan, as literacy is crucial for economic progress.

Which of these statistics would be the BEST at helping explain why Israel has a high Gross Domestic Product?

• Literacy Rate: 97%

• Oil Production: none

• Population: 8 million

• Population Density: 1,000/square mile

If OPEC decided to cut oil production for the coming year, what would be the MOST LIKELY effect?

• prices would not change

• oil prices would probably rise

What is a defining feature of a command economy?

• Decentralized market operations

• Private ownership of resources

• Government/ central authority control over production and distribution

• Consumer-driven market choices

To support domestic industries against cheaper foreign products, a country imposes a 30% fee on imported electronics. What type of trade restriction is this an example of?

• Tariff

• Quota

• Subsidy

• Embargo

Which term describes a tax on imports or exports?

• embargo

• quota

• subsidy

• tariff

Which Middle Eastern country is likely to have a more liberalized economy?

• Lebanon

• Yemen

• Israel

• Oman

In a command economy, how are the prices of goods and services determined?

• By market demand and supply

• By government decisions

• By international trade agreements

• By consumer preferences