Economics of the Middle East

Front

How do command and market economies compare to each other?

Back

The Government plays a larger role in a command economy

Front

What type of economy do most countries on the globe and in the Middle East have? Options: Market Economy, Command Economy, Mixed Economy, Traditional Economy

Back

Mixed Economy

Front

How does literacy rate impact a country's standard of living?

Back

The higher the literacy rate, the higher the standard of living

Front

What can Israel do instead of including farming and agriculture into their economy due to lack of good access to water?

Back

Specialize in industries like technology

Front

If oil accounts for a major percentage of Saudi Arabia's exports and economy, that means that Saudi Arabia __________ in producing oil.

Back

Specializes

Front

What is the purpose of a system of currency exchange?

Back

It allows people in different countries to trade with one another.

Front

What trade barrier is a tax placed on a good entering a country?

Back

Tariff

Front

If a country places a complete ban on trade on another country, this is an example of what?

Back

Embargo

Front

What is the goal of OPEC?

Back

Regulate the oil market

Front

What causes different levels of economic development in the Middle East?

Back

Access to oil