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Unit 3/4 Test - Economics And History Of SW Asia - Part 2
Test Description: This will cover GA 7th grade standards of SS7E5, SS7E6, SS7E7, and SS7H2
Instructions: Answer all questions to get your test result.
1) People who start businesses by using their own finances and ideas, while taking all the risk are called;
A
Capitalists
B
Entrepreneurs
C
Embargo
D
SpecialiZationists
2) In 1973, countries in the Middle East stopped exporting oil to the U.S. in protest against U.S. support of Israel. Such a strategy is an example of ;
A
a strike
B
an embargo
C
a tariff
D
a quota
3) Why is it important for nations to have a system to convert from one currency to another?
A
Converting to different currencies doesn't impact the ability to buy and sell goods btwn nations w/different types of money.
B
Currency is later exchanged for gold.
C
All countries want the American dollar.
D
Converting to different currencies makes it possible to buy and sell goods between nations with different types of money.
4) What is used to fix the quantity of a particular good that foreign producers may bring into a country?
A
Human Capital
B
Quotas
C
Exchange Rate
D
Tariffs
5) If a country does NOT invest in its human capital, how can it affect the country's gross domestic product?
A
GDP may go up because poorly trained workers will not be able to do their jobs well.
B
GDP may go down because poorly trained workers will not be able to do their jobs well.
C
GDP may stay the same because there is no relation between the two.
D
GDP is only affected by investment in capital not human capital.
6) What happens when the Organization of Petroleum Exporting Countries decides to reduce production of oil?
A
Oil prices increase.
B
Oil prices are not affected.
C
Oil prices fall
D
Natural gas production increases.
7) A duty imposed on goods when they are moved across a political boundary. (a tax on an imported good)
A
Quotas
B
Tariffs
C
Human Capital
D
Exchange Rate
8) How does specialization encourage trade between countries in SW Asia?
A
It will help the country become a world power.
B
It will increase natural resources
C
Stabilizes the exchange rate
D
Countries will trade domestic products for foreign products
9) How are the religions of the Arabs, Persians, and Kurds diverse?
A
All three are ethnic groups with the same religion
B
All three are ethnic groups with many different religions.
C
Each has its own unique religion
D
All three are religious groups
10) What is the relationship between investment in Human Capital (education and training) and GDP?
A
There is no proven relationship between the two
B
GDP and Human Capital are one and the same
C
A high GDP is responsible for all Human Capital
D
The better trained and educated a people are the higher the GDP will be.
*select an answer for all questions
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