WorksheetsMiddle East Economics
Total questions: 10
Worksheet time: 20mins
Name
Class
Date
1.
Which organization was created to manage petroleum prices in order to stabilize the world oil market?
a)
Countries Selling Oil (CSO)
b)
Countries with Oil for Sale (CWOFS)
c)
Organization of Petroleum Importing Countries (OPIC)
d)
Organization of Petroleum Exporting Countries (OPEC)
2.
How has the creation of OPEC had an impact on the economies of its member nations?
a)
it has increased their profit
b)
it has decreased their profit
c)
it has reduced trade barriers
d)
it has fostered entrepreneurship
3.
All of the following are ways OPEC has affected the world oil market EXCEPT…
a)
setting oil prices
b)
regulating the amount of oil produced
c)
selecting the countries to which oil can be exported
d)
taking oil from oil-rich countries and redistributing it to other countries
4.
Which of the following statements about oil and the Middle East is true?
a)
Countries with oil reserves have a higher GDP
b)
Countries without oil reserves have a lower GDP
c)
Countries without oil reserves must specialize in other industries.
d)
All of the these statements are true
5.
Which is the BEST example of specialization?
a)
A large business makes a variety of goods.
b)
A country has a large number of imports but no exports.
c)
A farmer grows crops, harvest crops, and sells crops to individuals and businesses.
d)
A factory builds seats that will be sold to different car manufacturers to be installed in a variety of cars.
6.
After the Persian Gulf War, the United Nations imposed an embargo on Iraq. What would be the reason an embargo was used by the United Nations?
a)
To control the Iraqi economy after the War.
b)
To restrict trade with Iraq until they met UN requirements.
c)
To increase the cost of Iraqi products to help Iraq’s economy.
7.
Which word has the same meaning as the economic term "tariff"?
a)
tax
b)
debt
c)
money
d)
savings
8.
When a company educates and trains its people, it is investing in _______.
a)
structure
b)
transportation
c)
human capital
d)
natural resources
9.
Which natural resource is significant to the economies of Middle East countries?
a)
iron ore
b)
gold
c)
oil
d)
coal
10.
Jose is an auto mechanic in a nearby larger town. He has decided his own small town needs its own car repair shop. Jose bought the building and opened his shop. Jose is an example of _____.
a)
Trade surplus
b)
Opportunity costs
c)
Entrepreneur
d)
Gross Domestic Product
100 %
