SW Asia Govt and Econ

This is Saudi Arabia's form of government (political leaders are born into the "right" family and power is passed down to the following generation).

• theocracy
• monarchy
• dictatorship
• democracy

What 3 economic questions are asked when studying the similarities of traditional, command, market, and mixed economies among nations of the world?

• What to produce, why to produce, when to produce?
• hat is your opportunity cost, what economic resources are needed, why should these resources be used?
• What to produce, how to produce, and for whom to produce?
• What is your opportunity cost, why are economic resources needed, when should these resources be used?

The relationship between the literacy rate and standard of living in Southwest Asia is _________.

• Literacy rate has no effect on the standard of living.
• The higher the literacy rate the higher the standard of living.
• The standard of living is independent of literacy rate.
• Low literacy rate creates a higher standard of living.

If Saudi Arabia’s government puts a limit on how much Israeli Dead Sea salt it will import this year, what trade barrier is this?

• Embargo
• Tariff
• Quota
• Opportunity Cost

What is the purpose of the OPEC?

• The purpose of this group is to control worldwide oil prices
• eliminate oil prices 
• start wars with other nations 
• distribute oil 

Which country has the largest amount of oil deposit?

• Israel 
• Jerusalem 
• Jordan
• Saudi Arabia

What makes the Middle East very important to the rest of the world.

• ISIS
• Natural Resources
• Oil
• Bombs 

Why have the Israelis made a big investment in human capital?

• Their main industry is the oil industry
• Investing in human capital takes very little money
• They have to bring in workers from other countries
• They need well-trained workers because their economy depends on advanced technology

What is an entrepreneur?

• People who enjoy saving all their money
• Business people who try not to take risks with their money
• Someone who is always successful in whatever he attempts
• Someone who is willing to take a risk to begin a new business

In a traditional economy, how are economic decisions made?

• Custom and habit
• consumers and the market
• Government planners
• combination of consumers and government planners