Trade in the Middle East Review
Quiz by Kayla Munoz
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40 questions
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- Q1No country has ALL the resources to produce ALL goods/services their citizens could want. Therefore, they engage in THIS process.GlobalizationForeign exchangeSpecializationCreating trade barriers30sEditDelete
- Q2Why do countries need to be part of a global economy?They can tap into more goods and services than they could make on their own.It benefits just the sellers in their country.Not trading with other countries keeps their economies healthy.It benefits just the buyers in their country.30sEditDelete
- Q3True or False: Global trade helps buyers because it gives them a broader range of goods and services to choose from.TrueFalse30sEditDelete
- Q4When global trade occurs, it can increase competition among providers. Why is this a good thing for buyers?Providers will cut prices.Providers will raise prices.30sEditDelete
- Q5How is global trade a good thing for sellers?Both of these are true.It provides access to more suppliers that sellers need for production.It lets them sell goods and services to more customers.30sEditDelete
- Q6Being a part of a global economy can help countries establish trading partners.FalseTrue30sEditDelete
- Q7What does specialization encourage?Countries making everything their citizens could want, all on their own.Trade30sEditDelete
- Q8This country's production of oil is an example of specialization.IsraelTurkeySaudi Arabia30sEditDelete
- Q9Too much specializing can be dangerous for a nation's economy.TrueFalse30sEditDelete
- Q10When the demand for oil is ___________, Saudi government can spend a lot on its citizens.LowHigh30sEditDelete
- Q11When the demand for oil is _____________, Saudis have to cut back on spending.HighLow30sEditDelete
- Q12What efforts have the Saudi government made to resolve the issue of over-specializing?They have raised taxes for citizens in their country.They are trying to diversify their economy in different industries besides oil.They continue to only invest in the oil industry.They have chosen to completely stop specializing in oil.30sEditDelete
- Q13Countries that are poor in natural resources have to ___________ many items.ImportExport30sEditDelete
- Q14This country is the world's largest exporter in processed diamonds.IsraelTurkeySaudi Arabia30sEditDelete
- Q15This country's exports are dominated by oil.TurkeyIsraelSaudi Arabia30sEditDelete
- Q16Saudi Arabia has chosen to specialize in oil because it has very few other ________________.Entrepreneurial OpportunitiesCapital GoodsOil ReservesNatural Resources30sEditDelete
- Q17What is Israel's form of currency?RiyalShekelLiraDollar30sEditDelete
- Q18What is Saudi Arabia's form of currency?LiraShekelDollarRiyal30sEditDelete
- Q19What is Turkey's form of currency?DollarLiraShekelRiyal30sEditDelete
- Q20Trade would be impossible if everyone used the same form of currency.TrueFalse30sEditDelete