WorksheetsMiddle East Economies 21-22
Total questions: 15
Worksheet time: 3hrs 2mins
Name
Class
Date
1.
What 3 economic questions are asked when studying the similarities of traditional, command, market, and mixed economies among nations of the world?
a)
What to produce, why to produce, when to produce?
b)
What is your opportunity cost, what economic resources are needed, why should these resources be used?
c)
What to produce, how to produce, and for whom to produce?
d)
What is your opportunity cost, why are economic resources needed, when should these resources be used?
2.
What is ‘specialization’?
a)
Producing all goods that the country needs so that trade with other countries isn’t necessary
b)
Trying to avoid investing in capital goods because it’s too expensive
c)
Producing goods a country can make most easily so that they can trade for goods that they can’t produce locally
d)
Directly trading goods with another country without having to use money
3.
Why is specialization so valuable to international trade today?
a)
Most countries only make one product really well.
b)
Specialization allows people to do a more efficient job at producing what they make best and trade for the things they need.
4.
Saudi Arabia specializes in the production of:
a)
Oil and olives
b)
Olives and grapes
c)
Oil and natural gas
d)
Livestock
5.
The economies of Israel, Saudi Arabia, Turkey, and Iran can best be described as:
a)
Traditional
b)
Command
c)
Market
d)
Mixed
6.
In a traditional economy, how are economic decisions made?
a)
Government leaders
b)
Consumers
c)
Customs and traditions
d)
A mix of consumers and government leaders
7.
What is the definition of Gross Domestic Product (GDP)?
a)
The total value of all the goods and services a country produces in a year
b)
The total value of all goods imported within a year
c)
The total value of taxes collected in a year
d)
The total value of all goods produced by entrepreneurs in a year
8.
Which Southwest Asian country’s businesses are under the LEAST amount of government control?
a)
Israel
b)
Saudi Arabia
c)
Iran
d)
Syria
9.
Tariffs and quotas are alike because they both __________________.
a)
restrict or limit trade between countries.
b)
completely stop trade between countries.
c)
increase trade between countries.
d)
make trading a lot easier between countries.
10.
If Saudi Arabia’s government puts a limit on how much Israeli Dead Sea salt it will import this year, what trade barrier is this?
a)
Embargo
b)
Tariff
c)
Quota
d)
Opportunity Cost
11.
Which of the following would look most like Israel’s mixed economy?
a)
Prices and wages are solely regulated by the country’s government.
b)
A combination of privately-owned businesses and government regulations.
c)
The country’s distribution of resources is based on inheritance.
d)
Economic decisions are based on customs and beliefs of ancestors.
12.
A person who takes risks by starting a new business is known as a(n):
a)
International trader
b)
Economist
c)
Entrepreneur
d)
Dictatator
13.
Between Saudi Arabia, Israel, and Turkey, ________________________ has the most oil
a)
Saudi Arabia
b)
Israel
c)
Turkey
14.
The ________________________ owns and controls the oil in Saudi Arabia
a)
President
b)
Government (Royal Family)
c)
Prime Minister
d)
Vice President
15.
True or False: Israel's economy is considered much more diverse than Saudi Arabia's and Turkey's because they invest in electronics, diamonds, and engineering.
a)
True
b)
False
100 %
