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Trade in the Middle East Review

Quiz by Kayla Munoz

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40 questions
Show answers
  • Q1
    No country has ALL the resources to produce ALL goods/services their citizens could want. Therefore, they engage in THIS process.
    Globalization
    Foreign exchange
    Specialization
    Creating trade barriers
    30s
  • Q2
    Why 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.
    30s
  • Q3
    True or False: Global trade helps buyers because it gives them a broader range of goods and services to choose from.
    True
    False
    30s
  • Q4
    When 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.
    30s
  • Q5
    How 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.
    30s
  • Q6
    Being a part of a global economy can help countries establish trading partners.
    False
    True
    30s
  • Q7
    What does specialization encourage?
    Countries making everything their citizens could want, all on their own.
    Trade
    30s
  • Q8
    This country's production of oil is an example of specialization.
    Israel
    Turkey
    Saudi Arabia
    30s
  • Q9
    Too much specializing can be dangerous for a nation's economy.
    True
    False
    30s
  • Q10
    When the demand for oil is ___________, Saudi government can spend a lot on its citizens.
    Low
    High
    30s
  • Q11
    When the demand for oil is _____________, Saudis have to cut back on spending.
    High
    Low
    30s
  • Q12
    What 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.
    30s
  • Q13
    Countries that are poor in natural resources have to ___________ many items.
    Import
    Export
    30s
  • Q14
    This country is the world's largest exporter in processed diamonds.
    Israel
    Turkey
    Saudi Arabia
    30s
  • Q15
    This country's exports are dominated by oil.
    Turkey
    Israel
    Saudi Arabia
    30s

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