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WorksheetsMiddle East Economies & OPEC
Total questions: 9
Worksheet time: 5mins
What is the biggest factor or factors affecting the
answers to these questions in a traditional
economy?
popular votes
custom and habit
supply and demand
government planning
Saudi Arabian oil and energy resources are
wholly owned and controlled by the state-owned
Saudi Arabian Oil Company. This means that the
energy sector of the Saudi Arabian economy is
MOST similar to which of the following?
a pure market economy
a pure command economy
a command economy with some market
principles
a market economy with some command
principles
A country that allows the forces of supply and
demand to determine most economic choices,
but also imposes regulations on how goods may
be produced and sold has a
mixed economy.
pure market economy.
traditional economy.
pure command economy.
Which industry is MOST important to the Saudi
Arabian economy?
the oil industry
the steel industry
the fishing industry
the tourism industry
What answer choice describes economic
specialization?
An economy in which the government controls
the means of production.
An economy in which all economic barriers to
trade have been eliminated.
An economy in which producers produce the
goods they can create most efficiently and trade
for others.
An economy in which producers look to the past
in order to answer the three basic economic
questions.
Which answer choice correctly matches each
word with its definition?
embargo = ban on trade of a good
quota = limit on imported goods
tariff = tax on imported goods
embargo = limit on imported goods
quota = tax on imported goods
tariff = ban on trade of a good
embargo = limit on imported goods
quota = ban on trade of a good
tariff = tax on imported goods
embargo = ban on trade of a good
quota = tax on imported goods
tariff = limit on imported goods
A monetary exchange system is necessary for
international trade because it
helps governments control inflation and deflation
rates.
allows goods to be traded between nations with
different currencies.
allows citizens from a nation to vacation in other
countries.
helps governments increase the efficiency of
their economies.
How does the Organization of the Petroleum
Exporting Countries (OPEC) achieve its goal of
stabilizing the worldwide price for oil?
by setting member production quotas to lower
the overall supply of oil
by purchasing most of the oil available on the
market from nonmembers
by arranging exclusive contracts with private and
nationalized oil companies
by using its vote on the United Nations Security
Council to set acceptable prices
In 1968, the Organization of the Petroleum
Exporting Countries publicly declared that all
member nations had the inalienable right to
which of the following?
ownership of their militaries
ownership of their waterways
ownership of their human capital
ownership of their natural resources
