Grade 7 Regional and World Economy

Before the discovery of oil in Saudi Arabia, people worked in industry.

• True

• False

Because the land is so dry in Saudi Arabia, there are few places that are well suited to farming.

• True

• False

Most of the farms of Saudi Arabia are located in

• Jazan

• Hufuf

• Hail

• Asir

During the early 1900s, 40% of Saudi Arabians were nomadic?

• True

• False

One factor that affects production is .........................

• Labor

• capital

• human resources

• all of the above

Under the free enterprise system, individuals can make their own choices about which goods and services they wish to buy.

• True

• False

Within the free enterprise system, individuals can not own land and private property.

• True

• False

When you sell goods or services for a higher price than it costs, this is called ........................

• Owner control

• freedom of choice

• profit

• capital

The difference between your cost price and your selling price is your profit.

• True

• False

The business where two people jointly own business and share the responsibility for debt, capital and profit is called .....................

• Small corporation

• Large corporation

• Partnership

• Cooperative