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Which organization was created to manage petroleum prices in order to stabilize the world oil market?

• Countries Selling Oil company

• Countries With Oil for Sale

• Organization of Petroleum Exporting Countries

• Organization of Petroleum Importing Countries

How has the creation of OPEC had an impact on the economies of its member nations?

• it has increased their profit

• it has decreased their profit

• it has reduced trade barriers

• it has fostered entrepreneurship

All of the following are ways OPEC has affected the world oil market EXCEPT…

• taking oil from oil-rich countries and redistributing it to other countries

• selecting the countries to which oil can be exported

• regulating the amount of oil produced

• setting oil prices

Saudi Arabia’s literacy rate increased from approximately 48% in 1980 to over 78% by 2009. Why is this important for the Saudi Arabian economy?

• It has helped increase foreign trade.

• It helped to increase the country’s GDP.

• It caused a decrease in foreign debt.

• It resulted in fewer jobs for Saudi citizens

What helps raise a country’s Gross Domestic Product?

• high literacy rate

• high cholesterol

• high population

• high numbers of cars

When a company educates and trains its people, it is investing in _______.

• infrastructure

• transportation

• natural resources

• human capital

Which type of economy is most common in the world today?

• Command

• Pure Market

• Mixed

• Traditional

Which best describes the way that natural resources impact a country’s economy?

• More natural resources means that a country does not have to export as much

• More natural resources means a country has more raw goods available for production

• Fewer natural resources means that a country has more annual rainfall

• Fewer natural resources means that a country has more money to spend

Why would a country most likely justify the decision to place an embargo on another country?

• Political disagreement

• Distance of travel

• Climate change

• Rap Battle

Why would a country place a quota on imported goods?

• To increase spending

• To increase exports of created goods

• To reduce imports so that their own citizens have job opportunities

• To lower taxes