SW Asia Economics

Front

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.

Back

A factory builds seats that will be sold to different car manufacturers to be installed in a variety of cars.

Front

A factory that builds only cars is an example of ________.

Back

specialization

Front

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

Back

Organization of Petroleum Exporting Countries

Front

How has the creation of OPEC had an impact on the economies of its member nations?

Back

it has increased their profit

Front

All of the following are ways OPEC has affected the world oil market EXCEPT…
taking oil from oil-rich countries and redistributing it to other countries,
selecting the countries to which oil can be exported,
regulating the amount of oil produced,
setting oil prices

Back

taking oil from oil-rich countries and redistributing it to other countries

Front

Saudi Arabia’s literacy rate increased from approximately 48% in 1980 to over 78% by 2009. Why is this important for the Saudi Arabian economy?

Back

It helped to increase the country’s GDP.

Front

What helps raise a country’s Gross Domestic Product? Options: high literacy rate, high cholesterol, high population, high numbers of cars

Back

high literacy rate

Front

When a company educates and trains its people, it is investing in _______.

Back

human capital

Front

Which type of economy is most common in the world today? Options: Command, Pure Market, Mixed, Traditional

Back

Mixed

Front

Which best describes the way that natural resources impact a country’s economy? Options: More natural resources means that a country does not have to export as much, More natural resources means a country has more raw goods available for production, Fewer natural resources means that a country has more annual rainfall, Fewer natural resources means that a country has more money to spend

Back

More natural resources means a country has more raw goods available for production