OPEC And Trade Question Preview (ID: 33085)


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OPEC stands for _________
a) Organization of Petroleum Exporting Countries
b) Organization of Petroleum Exporting Companies
c) Organization of Pacific Exporting Countries
d) Organization of Pie Eating Counties

OPEC's objective is to _______
a) Have small group discussions about who to sell oil to
b) To coordinate and unify the petroleum policies of its member countries
c) Make everyone pay really high prices for oil
d) Sell to the countries that they like only

True or False: OPEC decides the price and amount of oil produced
a) True
b) False
c) Somewhat true
d) Somewhat false

How many countries are members of OPEC?
a) 25
b) 18
c) 14
d) 15

OPEC can 'stabilize' oil prices. What does this mean?
a) OPEC will stop selling oil during a war
b) OPEC will increase prices at a country's request
c) OPEC can charge as much as they want to for oil
d) OPEC can increase or decrease oil prices based on market needs

Price fixing is when
a) both parties agree to a specific prices
b) the seller is able to sell at whatever price they want
c) the buyer can pay whatever he can afford
d) the seller will increase the price during times of crisis

Specialization + Trade =
a) a happy world with fair prices
b) Sellers who can charge whatever they want
c) Saudi Arabia doesn't need to trade because they have oil
d) the price of all goods is set by the government

Which is an example of specialization
a) Israel produces lots of different goods
b) Saudi Arabia produces oil
c) Iran buys technology and computers
d) The US buys shoes and clothes from lots of different countries

Which is an example of specialization?
a) Mrs. Waddell opens a bakery because she is good at making baked goods
b) Mrs. Waddell opens a convenient store to sell candy, snacks, chips, drinks, gas, and cigarettes
c) Mrs. Waddell likes to buy fruit and vegetables from Publix, canned goods from Kroger, and paper goods from WalMart
d) Mrs. Waddell has a yard sale every weekend

Which is NOT an example of a trade barrier?
a) Currency
b) Tariff
c) Quota
d) Embargo

Why would the US impose a tariff?
a) To make our products the same price as another countries
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) Because we can

Why would the US impose a quota
a) To make our products the same price as another countries
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) Because we can

Why would the US impose an embargo?
a) To make our products the same price as another countries
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) Because we can

Another word for money is ______
a) Moulah
b) Currency
c) Exchange
d) Paper

Countries who have a large amount of capital goods tend to have a _______ GDP.
a) Lower
b) Higher
c) Same
d) Trending

The number that determines how much one country's money is worth in another county is known as ________________
a) Currency
b) Money
c) Embargo
d) Exchange Rate

________ protect local manufacturers from competition by keeping cheaper goods from coming in
a) Quotas
b) Embargo
c) Exhange Rate
d) Protective tariffs

Which is not example of economic growth?
a) Labor
b) Capital
c) Natural resources
d) Currency

These two countries encourage entrepreneurship:
a) Israel and Iran
b) Saudi Arabia and Iran
c) Israel and Saudi Arabia
d) Kuwait and Saudi Arabia

Countries who have an educated labor force tend to have a ________ GDP.
a) Equal
b) Lower
c) Higher
d) trending

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