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Geography
7th
grade
47: explain how voluntary trade benefits buyers and sellers in Southwest Asia (Middle East)
12 questions
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- 1. Multiple ChoiceWhat is a tariff?A tax on importsA limit on importsA halt to tradeA tax on exports
- 2. Multiple ChoiceWhat is an embargo?A tax on importsA limit on importsA halt to tradeA tax on exports
- 3. Multiple ChoiceWhat is a quota?A tax on importsA limit on importsA halt to tradeA tax on exports
- 4. Multiple ChoiceWhat is GDP?the total value of all goods and services produced in a year in one countrythe total value of goods produced by a person in a year.the total value of goods consumed by a person in one year.the total value of all goods and services consumed in a year in one country
- 5. Multiple Choice
Why do countries need an exchange rate?
to promote tourism
to determine GDP
to see who has the most money
to trade with each other
- 6. Multiple Choice
How does the literacy rate impact the economy of a country?
Usually the lower the literacy rate, the more successful the economy.
Usually the higher the literacy rate, the less successful the economy.
Usually the higher the literacy rate, the more successful the economy.
Usually the lower the literacy rate, the more money the country has to spend.
- 7. Multiple Choice
What is specialization?
when a country produces only the goods it can make easily and efficiently, and then trades to get other goods
when a country produces only special goods, and then trades to get other goods
when a country produces only the goods to export, and then trades to get other goods
when a country only imports goods, and then trades to get other goods
- 8. Multiple Choice
Why are most countries better off specializing in the production of particular goods, and then trading with other nations to obtain whatever else they need?
Transportation costs are lower than they were a century ago.
Resources are not evenly distributed among countries.
Greater investment of capital goods increases productivity.
People have limited resources to satisfy unlimited wants.
- 9. Multiple Choice
Read the following two statements:
1. Nation A produces cars more efficiently than it can grow food crops.
2. Nation A produces cars and buys food from Nation B.
What principle of economics is illustrated by these two statements?
Laws of Supply and Demand
Scarcity
The Factors of Production
Specialization
- 10. Multiple Choice
Why was OPEC created?
To regulate the supply and price of oil
to help the Palestinians in their problems with Israel
to design new machinery to get oil out of the ground
to keep countries that are not members from producing any oil
- 11. Multiple Choice
What happens to the price of oil when OPEC countries decide to limit production?
prices rise
prices drop
prices stay the same
oil stops being sold
- 12. Multiple Choice
How do Iran and Saudi Arabia benefit from belonging to the Organization of Petroleum Exporting Countries (OPEC)?
OPEC keeps the price of oil high on the world market
Countries in OPEC are able to share water resources with each other
The organization sets up tariffs to protect Southwest Asian manufacturing
OPEC makes it possible for Southwest Asian countries to buy oil at low prices
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