Economics of the Middle East

Front

How do command and market economies compare to each other?

Back

The Government plays a larger role in a command economy.

Front

What type of economy do most countries on the globe and in the Middle East have?

Back

Mixed Economy

Front

How does literacy rate impact a country's standard of living?

Back

The higher the literacy rate, the higher the standard of living.

Front

Israel does not have good access to water, making it hard for them to include farming and agriculture into their economy. What can Israel do instead?

Back

Specialize in industries like technology

Front

If oil accounts for a major percentage of Saudi Arabia's exports and economy, that means that Saudi Arabia __________ in producing oil.

Back

Specializes

Front

What is the purpose of a system of currency exchange?

Back

It allows people in different countries to trade with one another.

Front

What trade barrier is a tax placed on a good entering a country?

Back

Tariff

Front

If a country places a complete ban on trade on another country, this is an example of what? Options: Embargo, Quota, Tariff

Back

Embargo

Front

What is the goal of OPEC? Options: Create new trading opportunities in the middle east, Regulate the oil market, Regulate the water crisis, Raise literacy rate in the middle east

Back

Regulate the oil market

Front

What causes different levels of economic development in the middle east? Access to agriculture, Access to water, Access to coal mining, Access to oil

Back

Access to oil