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May 2017 Final Exam - Economics
Test Description: 7th Grade Georgia SS standards/curriculum
Instructions: Answer all questions to get your test result.
1) The MOST LIKELY impact of the September 11 terrorist attacks on the price of oil was;
A
a sharp decrease due to the oil embargo of OPEC.
B
a gradual increase in price, then a sharp drop to 1990s levels.
C
a sharp initial drop in price, immediately followed by a price increase to pre-attack levels.
D
a sharp initial rise in price, then gradual lowering of prices to pre-attack levels.
2) When a country invests in the skill, health, education, and values of its citizens, this is called;
A
economic investment
B
life expectancy rate
C
human capital
D
literacy rate
3) Why do most countries in the world today fall somewhere between a market and a command economy?
A
Most countries have found they need a mix of free market and government control to be successful.
B
Most consumers prefer government control to free market.
C
Some government control has never been successful.
D
Government control always makes a market economy more profitable.
4) Imposing some sort of cost on trade that raises the price of the traded products is MOST LIKELY an example of;
A
a trade deficit
B
a trade incentive
C
a trade surplus
D
a trade barrier
5) Using your knowledge of the geography of the Middle East, which country would LEAST likely benefit from oil production?
A
Saudi Arabia
B
Israel
C
Iraq
D
Iran
6) In a command economy, how are the prices of goods and services determined?
A
market forces of supply and demand
B
the central government
C
business owners
D
independent agencies and independent regulators
7) 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?
A
Opportunity Cost
B
Quota
C
Embargo
D
Tariff
8) In a traditional economy, the decision to make (or not make) certain products is decided MOSTLY by;
A
government
B
customs
C
producers
D
entrepreneurs
9) Saudi Arabia's economy would BEST be described as;
A
a mixture between just Market and Traditional
B
entirely Market
C
almost entirely Command
D
a Mixed economy with large amounts of Command
10) Syria has not built new factories or used new technology in many years. What is the country NOT investing in?
A
opportunity costs
B
capital goods
C
human capital
D
natural resources
*select an answer for all questions
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