SS7E7abcd-Economics In SW Asia: Question Preview (ID: 23788)

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When a country makes a strong investment in human capital, the MOST LIKELY outcome will be
a) no economic growth
b) improved economy and gross domestic product.
c) lower gross domestic product.
d) lower literacy rate nationwide.

Turkish businessman Aydin Dogan owns oil and gas manufacturing, as well as television networks and newspapers in Turkey Such an individual is known as
a) a nomad.
b) an entrepreneur
c) an autocrat.
d) a legislator

The government of Saudi Arabia has increased its spending on education and training. This is an investment in
a) human capital.
b) the stock market.
c) international commerce
d) capital goods.

Why is the Saudi government increasing in spending on education and training for its young people?
a) The government realizes the country is running out of oil
b) The government wants to prepare them for future conflicts.
c) The government wants to lower the GDP and the per capita income.
d) The government will need to create many new jobs for them in the coming years.

There is only one way all economies are alike. Which statement describes the economies of many Southwest Asian countries today?
a) They are free market economies.
b) They are mixed economies
c) They are command economies.
d) They are based on agriculture

The economy of Saudi Arabia is based mostly on oil. Economies based on the sale of one resource can suffer when the price of that resource falls. The Saudi government has encouraged the development of industries other than oil in an attempt to
a) raise money for the royal family
b) encourage entrepreneurship
c) strengthen the country’s education system.
d) make the Saudi economy more diverse

Israel’s economy relies on a large supply of educated workers. Which statement about Israel today is true?
a) It is a pure command economy.
b) It has a wealth of natural resources, including oil.
c) It invests heavily in educating its people
d) It is not very technologically advanced.

Why does Israel NOT enjoy the benefits of the oil industry in Southwest Asia?
a) The United Nations has placed an embargo on Israeli oil.
b) Other countries have high tariffs on Israeli oil.
c) Israel uses a command economy.
d) Israel has no oil reserves.

In Iran, the economy is highly centralized and there are many regulations about private individuals opening and operating businesses. Saudi Arabia has made owning and operating a business very easy. What impact does this have on the role of entrepren
a) Entrepreneurs are not affected by government regulations.
b) It will limit efforts of entrepreneurs in both Iran and Saudi Arabia.
c) Entrepreneurs will be able to make significant contributions to Saudi Arabia’s economy but not to Iran’s economy
d) Both Iran and Saudi Arabia will benefit greatly from the efforts of entrepreneurs.

Which describes entrepreneurship?
a) the physical talents of people to build things.
b) Putting together productive resources to produce a good or service
c) machines, tools, and devices used for production
d) The ability to harvest and use natural resources

Saudi Arabia’s literacy rate increased from approximately 48% in 1980 to over 78% by 2009. Why is this important for the Saudi Arabian economy?
a) It has helped increase foreign trade
b) It caused a decrease in foreign debt.
c) It helped to increase the country’s GDP.
d) It resulted in fewer jobs for Saudi citizens.

Which is a major similarity between the economies of Saudi Arabia and Iran?
a) Both countries rely on oil as a primary export.
b) Neither country has to trade with other countries.
c) Both countries trade their vast resources of water.
d) Neither country is concerned with investment in capital.

Saudi Arabia and Iran both invest in capital at higher rates than Israel. Based on this fact, which conclusion would be most logical?
a) Israel has fewer uses for capital.
b) Israel has a smaller growth rate
c) Israel has more natural resources.
d) Israel can’t trade with either country.

According to the normal relationship, if Iran decided to invest several billion dollars in education and training how would their GDP likely be affected?
a) It would decrease
b) It would not change
c) It would increase
d) It would depend on other factors

In recent years, Saudi Arabia’s leaders have worked to diversify the economy by investing in capital resources. Which of the following is NOT a capital resource?
a) factories
b) education
c) new technology
d) new machines

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