stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economic Systems of SW Asia Flashcards | StudBud
Explore
/
Economic Systems of SW Asia
Economic Systems of SW Asia
18 terms
·
StudBud Administration
·
33 plays
SS7E4, SS7E5
Flashcards
18 cards
F
Practice quiz
P
Host live
L
Questions
18
Answers
1
What happens to the price of oil when OPEC countries decide to reduce production?
Oil prices stay the same
Oil becomes free to OPEC members
Oil prices increase
Oil prices decrease
2
In 1973, SW Asia countries stopped exporting oil to the U.S. What type of trade barrier is this
embargo
quota
mountain
tariff
3
What are 3 economic questions every country must answer when developing its economic plan?
When to produce, how much to produce, why to produce
What is cost, what resources are needed, how resources used?
What to produce, why to produce, when to produce?
What to produce, how to produce, and for whom to produce?
4
A halt of trading with a particular country for economic or political reasons
Specialization
embargo
Quota
tariff
5
Factories, machinery, and technology
Capital Goods
Barriers
opportunity costs
human capital
6
The relationship between the literacy rate and standard of living in Southwest Asia is _______.
higher the literacy rate the higher the standard of living.
Low literacy rate creates a higher standard of living.
Literacy rate has no effect on the standard of living.
The standard of living is independent of literacy rate.
7
Someone who is willing to take a risk to begin a new business is considered a...?
Consumer
Entrepreneur
Economist
Producer
8
Why is specialization so valuable to international trade
It limits the amount of agriculture a country allows.
Most countries only make one product really well.
It keeps the prices low on imported goods.
people do a more efficient job producing what they make best
9
Saudi Arabia specializes in the production of:
Olives and grapes
Livestock
Oil and natural gas
Oil and olives
10
Saudi Arabia puts a limit on how much Dead Sea salt it will import, what trade barrier is this?
Opportunity Cost
Tariff
Embargo
Quota
11
Why has Israel specialized in the area of technology?
It has a poorly educated population.
It has few natural resources and little farmland.
The money earned is used to support the military.
The country has little in the way of fishing.
12
Which Southwest Asian country’s businesses are under the LEAST amount of government control?
Saudi Arabia
Syria
Iran
Israel
13
What does OPEC stand for?
Oil Planning and Environmental Committee
Organization of Petroleum Exporting Countries
Official Petroleum Expecting Continents
Oil and Petroleum Continents
14
Where are most OPEC countries located?
Southwest Asia
Africa
North America
Southern and Eastern Asia
15
Why was OPEC created?
To regulate the supply and price of oil
To help Palestinian Arabs with problems with Israeli Jews
To design new technology for getting oil out of the ground
To keep non-members from producing any oil
16
Which of the following would reflect Israel’s mixed economy?
country’s distribution of resources is based on inheritance.
Economic decisions based on customs and beliefs of ancestors
combination of privately-owned business and gov regulations.
Prices and wages are solely regulated by the government
17
The economies of Israel, Saudi Arabia, Turkey, and Israel can best be described as...?
Traditional
Mixed
Command
Market
18
Producing those goods a country can make most easily so they can trade them for goods
Quota
Specialization
tariff
GDP
