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- 1. Multiple ChoiceAs you move along the economic continuum from market to command, what happens to the amount of government involvement in the economy??It decreasesIt increasesIt stays the same
- 2. Multiple ChoiceAs you move along the economic continuum from market to command, what happens to the amount of economic freedom in the system?It decreasesIt increasesIt stays the same
- 3. Multiple Choice
Which Middle Eastern economy has the most free (from government control) mixed economy?
Israel
Turkey
Saudi Arabia
None of the above
- 4. Multiple Choice
What is specialization?
Producing all goods that the country needs so that trade with other countries isn't necessary.
Trying to avoid investing in capital goods because it's too expensive
Producing goods a country can make most easily so that they can trade for goods that they can't produce locally.
Directly trading good with another country without having to use money.
- 5. Multiple Choice
Why is specialization so valuable to international trade today?
Most countries only make one produce really well.
Specialization allows people to do a more efficient job at producing what they make best and trade for things they need.
It keeps the prices low on imported goods.
It limits the amount of agriculture a country allows.
- 6. Multiple Choice
Saudi Arabia specializes in the production of
oil and olives
olives and grapes
oil and natural gas
livestock
- 7. Multiple Choice
Why has Israel specialized in the area of technology?
It has few natural resources and little farmland
It has only poorly educated population
The money earned is used to support the military.
The country has little in the way of fishing.
- 8. Multiple Choice
The economies of Israel, Saudi Arabia, and Turkey can best be described as:
traditional
command
market
mixed
- 9. Multiple Choice
In a traditional economy, how are economic decisions made?
government leaders
consumers`
customs and traditions
a mix of consumers and government leaders.
- 10. Multiple Choice
Were are most OPEC countries located?
Africa
North America
Southern and Eastern Asia
Southwest Asia
- 11. Multiple Choice
What happens to the price of oil when OPEC countries decide to reduce production?
oil prices decrease
oil prices increase
oil prices stay same
oil becomes free to OPEC members
- 12. Multiple Choice
What is the definition of Gross Domestic Product (GDP)?
The total value of all the goods and services a country produces in a year.
The total value of all goods imported within the year
The total value of taxes collected in a year
The total value of all goods produced by entrepreneurs in a year
- 13. Multiple Choice
Which SW Asian country's industries are under the MOST government control?
Israel
Saudi Arabia
Turkey
All of the above
- 14. Multiple Choice
Tariffs and quotas are alike because they both ___________.
restrict or limit trade between countries
completely stop trade between countries
increase trade between countries
make trading a lot easier between countries
- 15. Multiple Choice
In 1973, SW Asian countries stopped exporting oil to the United States in protest against the US' support of Israel. What type of trade barrier is this?
mountain
tariff
quota
embargo
- 16. Multiple Choice
The relationship between the literacy rate and standard of living in SW Asia is __________.
literacy rate has no effect on the standard of living.
the higher the literacy rate, the higher the standard of living
the standard of living is independent of literacy rate
low literacy rate creates a higher standard of living
- 17. Multiple Choice
If Saudi Arabia's government puts a limit on how much Israeli Dead Sea salt it will import this year, what trade barrier is this?
embargo
tariff
quota
opportunity cost
- 18. Multiple Choice
Which of the following would reflect 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 if based on inheritance
economic decisions are based on customs and beliefs of ancestors
- 19. Multiple Choice
Syria has not built new factories or used new technology in many years. What is the country NOT investing in?
opportunity cost
natural resources
human capital
capital goods
- 20. Multiple Choice
A person who takes risks by starting a new business is known as a(n):
international trader
economist
entrepeneur
dictator
- 21. Multiple Choice
Which characteristic BEST describes Turkey's economy?
market-leaning
traditional
command-leaning
pure market
- 22. Multiple Choice
International trade requires a fair way to swap currency. ______________ is the trading of one's currency to the currency of another country.
bartering
exchange rate
currency exchange
importing goods
- 23. Multiple Choice
Because of the regions' unequal distribution of oil, GDP per capita among Southwest Asian countries tends to ___________.
be consistently low
be consistently high
be higher than the United States
vary widely
- 24. Multiple Choice
If a jeweler from the United States wanted to engage in trade with a jeweler from Israel, what would the transaction require?
a map
a railroad line
a reliable internet connection
a way to exchange currencies
- 25. Multiple Choice
The way a country answers these 3 questions determines the country's economic system.
What to produce?
__________________?
For whom to produce it?
Which question BEST completes the list?
Where to produce?
How to produce it?
When to produce it?
Why to produce?
- Answer choicesTagsAnswer choicesTags