Middle East Government and Economics Review

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?
• What 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?

Saudi Arabia specializes in the production of:

• Oil and olives
• Olives and grapes
• Oil and natural gas
• Livestock
  

The economies of Israel, Saudi Arabia, Turkey, and Iran can best be described as:

• Traditional
• Command
• Market
• Mixed

In a traditional economy, how are economic decisions made?

• Government leaders
• Consumers
• Customs and traditions
• A mix of consumers and government leaders

Which Southwest Asian country’s businesses are under the LEAST amount of government control?

• Israel
• Saudi Arabia
• Iran
• Syria

Which of the following would look most like Israel’s mixed economy?

• Prices and wages are solely regulated by the country’s government.

• A combination of privately-owned businesses and government regulations.

• The country’s distribution of resources is based on inheritance.

• Economic decisions are based on customs and beliefs of ancestors.

The ________________________ owns and controls the oil in Saudi Arabia

• President

• Government (Royal Family)

• Prime Minister

• Vice President

True or False: Israel's economy is considered much more diverse than Saudi Arabia's and Turkey's because they invest in electronics, diamonds, and engineering.

• True

• False

How have the Israelis made up for their lack of natural resources?

• Everyone has a job, there is no unemployment
• They have developed strong technology companies
• They rely on farming
• They refuse to import oil, which saves money

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

• their main industry is the oil industry
• they have to bring in workers from other countries
• investing in human capital takes very little money
• they need well-trained workers because of their technology