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ME Econ Unit Test Review
Test Description: Review for ME Economics Unit Test
Instructions: Answer all questions to get your test result.
1) What does economic speciaization allow a country to do?
A
Not trade with other countries
B
It allows countries with different types of money to trade
C
Risk their money to start a business
D
Make the things that they make best/most easily so they can sell them and get what they need
2) OPEC was created to regulate supply and price of oil. When they reduce the supply, the price does what?
A
Price of oil stays the same
B
Price of oil goes up
C
Oil price is unrelated to supply
D
Price of oil goes down
3) Why do most economies operate somewhere between market and command economy?
A
Government control makes more money
B
Consumers want no government control
C
Consumers want government control over the whole economy
D
They need a mix of market and command in order to make money and protect consumers.
4) Saudi Arabia specializes in _______ and ______________.
A
wheat and barley
B
natural gas and diamonds
C
Agriculture and machinery
D
oil and natural gas
5) Why is a system to change currency important?
A
It makes things more expensive
B
It raises the GDP
C
It makes things cheaper
D
It allows countries with different types of money to trade
6) Which country has NOT moved to a more market economy?
A
Israel
B
Iran
C
Saudi Arabia
D
Turkey
7) Israel specializes in ___________
A
Manufacturing
B
Natural Gas
C
Agricultural Technology
D
Oil
8) Why do the Israelis invest so much in human capital?
A
They produce a lot of oil
B
They bring in workers from other countries
C
Human capital is not expensive
D
Their economy depends on advanced technology
9) What happens to GDP if you increase the amount of investment in capital goods or human capital?
A
GDP goes up
B
GDP is not related to capital goods or human capital
C
GDP goes down
D
GDP stays the same
10) Why did the U.N. put an embargo on Iraq after the Persian Gulf War?
A
To make Iraq invade Kuwait
B
To protect Iraq's economy
C
To get Iraq to meet UN demands
D
To increase Iraq's GDP
11) Do trade barriers ever change or do they stay the same?
A
Trade barriers are usually temporary
B
None
C
None
D
Trade barriers never change or go away
12) Which of these countries is not a major exporter of oil?
A
Israel
B
Saudi Arabia
C
Iran
D
They are all major oil exporters
13) Where are most of the nations in OPEC located?
A
Middle East
B
Europe
C
Iowa
D
South America
14) Economic system where the individual takes the financial risk
A
Mixed
B
Traditional
C
Command
D
Market
15) Economic system where the individual makes the decisions
A
Command
B
Mixed
C
Market
D
Traditional
16) Economic system where government planning groups make the decisions
A
Mixed
B
Traditional
C
Market
D
Command
17) Economic System based on customs and habits from the past
A
Traditional
B
Command
C
Market
D
Mixed
18) 2. Economic system that has characteristics of both market and command economies
A
Traditional
B
Command
C
Market
D
Mixed
*select an answer for all questions
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