Unit 3 Review (I): Question Preview (ID: 7108)

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Which type of trade barrier is a tax placed on imports?
a) quota
b) subsidy
c) embargo
d) tariff

How have Saudi Arabia and Iran become so rich over the past few years?
a) oil
b) lumber
c) hydroelectricity
d) minerals and salts

Why has Saudi Arabia's economy rapidly developed since the 1960s?
a) machinery imports
b) commercial shipping
c) industrial chemical production
d) petroleum exports

Why is OPEC so powerful?
a) 6 OPEC countries are in SW Asia.
b) The official language of OPEC is Arabic.
c) Oil is available in all nations.
d) OPEC controls 2/3 of the world's oil supply.

Who makes all economic decisions in a market economy?
a) government
b) religious leaders
c) individual citizens
d) national legislatures

How has the large quantity of oil in SW Asia affected its development?
a) It has encouraged the growth of democracy in the region.
b) It has slowed down the process of industrialization in the region.
c) It has lowered the standard of living in the region.
d) It has encouraged foreigners to compete for influence in the region.

For international trade to be successful, you need:
a) a system for exchanging currencies
b) a system for securing borders
c) a system of raising taxes
d) a system for imposing protective tariffs

A member of OPEC would be concerned with the price of:
a) oil
b) gold
c) wheat
d) coal

Why does Israel have more of a market economy than Saudi Arabia?
a) In Israel, tradition mainly determines what goods are produced.
b) In Israel, individual citizens make more business decisions.
c) In Israel, religious authorities mainly determine what goods are produced.
d) In Israel, the government makes more business decisions.

What are capital goods?
a) the money spent to train workers to use new technology
b) the goods and services that are produced for a country’s economy
c) the workers who make the goods and services
d) the factories and machines used to make other goods

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