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OPEC And Trade
Test Description: OPEC and Trade Terms
Instructions: Answer all questions to get your test result.
1) OPEC stands for _________
A
Organization of Petroleum Exporting Companies
B
Organization of Pie Eating Counties
C
Organization of Pacific Exporting Countries
D
Organization of Petroleum Exporting Countries
2) OPEC's objective is to _______
A
To coordinate and unify the petroleum policies of its member countries
B
Have small group discussions about who to sell oil to
C
Make everyone pay really high prices for oil
D
Sell to the countries that they like only
3) True or False: OPEC decides the price and amount of oil produced
A
Somewhat false
B
False
C
Somewhat true
D
True
4) How many countries are members of OPEC?
A
14
B
25
C
18
D
15
5) OPEC can 'stabilize' oil prices. What does this mean?
A
OPEC can increase or decrease oil prices based on market needs
B
OPEC will increase prices at a country's request
C
OPEC will stop selling oil during a war
D
OPEC can charge as much as they want to for oil
6) Price fixing is when
A
the buyer can pay whatever he can afford
B
the seller is able to sell at whatever price they want
C
both parties agree to a specific prices
D
the seller will increase the price during times of crisis
7) Specialization + Trade =
A
Saudi Arabia doesn't need to trade because they have oil
B
Sellers who can charge whatever they want
C
the price of all goods is set by the government
D
a happy world with fair prices
8) Which is an example of specialization
A
Saudi Arabia produces oil
B
The US buys shoes and clothes from lots of different countries
C
Israel produces lots of different goods
D
Iran buys technology and computers
9) Which is an example of specialization?
A
Mrs. Waddell likes to buy fruit and vegetables from Publix, canned goods from Kroger, and paper goods from WalMart
B
Mrs. Waddell has a yard sale every weekend
C
Mrs. Waddell opens a convenient store to sell candy, snacks, chips, drinks, gas, and cigarettes
D
Mrs. Waddell opens a bakery because she is good at making baked goods
10) Which is NOT an example of a trade barrier?
A
Tariff
B
Embargo
C
Currency
D
Quota
11) Why would the US impose a tariff?
A
Because we can
B
To set a specific number of goods that will be sold in our country
C
To make our products the same price as another countries
D
To try to make another country stop doing something we don't like
12) Why would the US impose a quota
A
To set a specific number of goods that will be sold in our country
B
To try to make another country stop doing something we don't like
C
Because we can
D
To make our products the same price as another countries
13) Why would the US impose an embargo?
A
Because we can
B
To set a specific number of goods that will be sold in our country
C
To try to make another country stop doing something we don't like
D
To make our products the same price as another countries
14) Another word for money is ______
A
Exchange
B
Currency
C
Moulah
D
Paper
15) Countries who have a large amount of capital goods tend to have a _______ GDP.
A
Trending
B
Same
C
Lower
D
Higher
16) The number that determines how much one country's money is worth in another county is known as ________________
A
Embargo
B
Money
C
Exchange Rate
D
Currency
17) ________ protect local manufacturers from competition by keeping cheaper goods from coming in
A
Protective tariffs
B
Quotas
C
Exhange Rate
D
Embargo
18) Which is not example of economic growth?
A
Natural resources
B
Labor
C
Capital
D
Currency
19) These two countries encourage entrepreneurship:
A
Israel and Iran
B
Kuwait and Saudi Arabia
C
Saudi Arabia and Iran
D
Israel and Saudi Arabia
20) Countries who have an educated labor force tend to have a ________ GDP.
A
Higher
B
Lower
C
trending
D
Equal
*select an answer for all questions
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