Unit 3 Test Review Sample Questions-Use your notes to check your answers!!

your answer choices are Iran, Saudi Arabia, or Israel Which 2 countries invest in human capital?

your answer choices are Iran, Saudi Arabia, or Israel Which 2 countries invest in capital?

your answer choices are Iran, Saudi Arabia, or Israel Which 2 countries support entrepreneurs?

your answer choices are Iran, Saudi Arabia, or Israel Which 1 country do you think is unsuccessful and why?

In Iran, the economy is highly centralized and there are a lot of regulations about private individuals opening and operating businesses. However, Saudi Arabia has made owning and operating a business very easy compared to the world average. What impact does this have on the role of entrepreneurs in both countries? A. Entrepreneurs are not affected by government regulations. B. It will limit efforts of entrepreneurs in both Iran and Saudi Arabia. C. Entrepreneurs will be able to make significant contributions to Saudi Arabia’s economy, but not to Iran’s economy. D. Both Iran and Saudi Arabia will benefit greatly from the efforts of entrepreneurs.

Oil is the major export of Saudi Arabia to many different countries. Saudi Arabia’s international trade in oil is made much easier by A. Use of a world-wide currency. B. A system to exchange currency between countries. C. Trading only with countries that have the same currency. D. Trade of oil for other needed goods so currency is not needed.

What happens to the price of oil when O.P.E.C. countries decide to limit production? A. prices drop B. prices rise C. prices stay the same D. oil stops being sold

What does O.P.E.C. stand for?

If a country is building new factories, buying new computers for an office, building new roads, and updating old power plants, what are they investing in?

If a country is building new factories, buying new computers for an office, building new roads, and updating old power plants, would you expect their GDP to go up or down?

If a country builds new schools, requires all students to attend schools and gives college scholarships, what are they investing in?

If a country builds new schools, requires all students to attend schools and gives college scholarships, would you expect their GDP to go up or down?

your answer choices are Iran, Saudi Arabia, or Israel In which country are the personal freedoms most similar to the United States?

your answer choices are Iran, Saudi Arabia, or Israel In which country would the leader have to be a direct descendent of the prior leader of the country?

your answer choices are Iran, Saudi Arabia, or Israel In which country is church and state separate?

your answer choices are Iran, Saudi Arabia, or Israel In which country is God at the center of government?

your answer choices are Iran, Saudi Arabia, or Israel In which 1 country is the role of female citizens completely autocratic?

Natural Resources- Israel-farmland, no oil Saudi Arabia-oil, no farmland Based on the above natural resources, What would you expect Israel to specialize in?

Natural Resources- Israel-farmland, no oil Saudi Arabia-oil, no farmland Based on the above natural resources, what would you expect Saudi Arabia to specialize in?

Natural Resources- Israel-farmland, no oil Saudi Arabia-oil, no farmland Based on the above natural resources, why would they want to trade with each other?

In this type of economy, the government is in control

Consumers and business owners are in control in this type of economy.

Draw picture showing what happens to the price of oil when the supply changes. (Remember, we drew this in class.- PLAYGROUND!!!!)