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Middle East Economy Review
Test Description: Saudi Arabia, Turkey, Israel
Instructions: Answer all questions to get your test result.
1) What does O.P.E.C. stand for?
A
Outstanding Petroleum Expert Countries
B
Organization of People Exporting Crude Oil
C
Oil Producing Export Countries
D
Organization of Petroleum Exporting Countries
2) Which trade barrier involves taxing imported goods to make domestically produced goods more favorable to consumers?
A
tariff
B
quota
C
embargo
3) Which trade barrier completely forbids or bans trade with another country usually because of political reasons?
A
embargo
B
quota
C
tariff
4) Which trade barrier is where a limit is put on the amount of goods that can be imported in order to make domestic goods more favorable to consumers?
A
tariff
B
quota
C
embargo
5) Which statement most accurately describes a command economy?
A
Following traditions and customs from the past
B
Government controlling land and businesses
C
Allowing people to own their own businesses
D
Supply and demand controlling the price of goods and services
6) Why is it important for countries to have a system of exchanging currency?
A
Having a system makes it possible to buy and sell goods between countries with different currencies
B
Banks make a lot of money when they exchange different currencies
C
There is no need for a system because all countries use the same currencies
D
Countries with a system of exchanging currency has cheaper goods
7) The government controls most of the oil industry in this country.
A
Turkey
B
Israel
C
Saudi Arabia
8) How could Saudi Arabia increase its GDP?
A
Reduce their world trade
B
Encourage people to move to cities
C
Increase their education programs
9) If Turkey invests 25% in capital goods and Saudi Arabia only invests 10%, how SHOULD this affect their GDP?
A
Saudi Arabia's GDP SHOULD increase more than Turkey's
B
It would not affect the GDP at all
C
Turkey's GDP SHOULD increase more than Saudi Arabia's
D
Both countries' GDP SHOULD increase the same amount
10) What is the main cause of the rapid economic development of Saudi Arabia in the past 75 years?
A
commercial shipping
B
machinery imports
C
petroleum exports
11) Saudi Arabia has been definitely benefited from the discovery of oil. Which facts supports this statement?
A
Saudi Arabia has many Christian tourists
B
Saudi Arabia can afford desalination plants for freshwater
C
Saudi Arabia has a very low literacy rate
12) If Israel is closer to market on the economic continuum (line), which statement is true?
A
Religious authorities make more business decisions
B
The government makes more business decisions
C
Private businesses and citizens made more business decisions
13) Which of the following is NOT a way to improve a country's GDP?
A
Invest in Capital Resources
B
Increase Government Rules and Regulations for Entrepreneurs
C
Use money from natural resources wisely
D
Build more schools and provide free public education
14) Which factor of production would have the BIGGEST impact on a country's roads, factories, and technology?
A
Entrepreneurship
B
Capital Resources
C
Human Capital
D
Natural Resources
*select an answer for all questions
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