ME Econ Review: Question Preview (ID: 22476)


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Improving the education, healthcare, and job training of the workers is called _______
a) Human Capital b) Capital Goods c) Currency d) Exchange Rate
Why do the Israelis invest so much in technology?
a) Because they can't produce enough food b) To improve their military c) To help support their oil exports d) The have few natural resources and depend on high technology
What happens to GDP if you invest in capital goods and human capital?
a) GDP goes up b) GDP goes down c) GDP stays the same d) GDP is not affected by investments in human capital or capital goods?
Why did the U.N. put an embargo Iraq after the Persian Gulf War?
a) To get Iraq to end their war with Iran b) The U.N. wanted Iraq to comply with U.N. requirements c) To force Iraq to find new trading partners d) To protect Iraq's economy
Person who takes a risk to start a business or create a new product
a) Exchange Rate b) Currency c) Gross Domestic Product (GDP) d) Entrepreneur
Total value of all goods and services produced by a country in a year
a) Exchange Rate b) Currency c) Gross Domestic Product (GDP) d) Entrepreneur
Why is a system to exchange currency between countries important?
a) It stops trade between countries b) It slows down trade between countries c) It's not important d) Makes trade easier between countries
When OPEC reduces the supply of oil, what does the price do?
a) Price stays the same b) Price goes up c) Price goes down d) Price is not affected by supply
What is an embargo?
a) Trade barrier that puts a tax on imported goods b) Trade barrier that sets a limit on the amount of a product that can be imported c) Trade barrier that stops all trade between two countries d) A system to change currency between countries
What is a tariff?
a) Trade barrier that puts a tax on imported goods b) Trade barrier that sets a limit on the amount of a product that can be imported c) Trade barrier that stops all trade between two countries d) A system to change currency between countries
What is a quota?
a) Trade barrier that puts a tax on imported goods b) Trade barrier that sets a limit on the amount of a product that can be imported c) Trade barrier that stops all trade between two countries d) A system to change currency between countries
Saudi Arabia specializes in _______________
a) Oil and Natural Gas b) Textiles c) Manufacturing d) Agricultural Technology
Israel specializes in _____________
a) Oil and Natural Gas b) Textiles c) Manufacturing d) Agricultural Technology
Economic system where the individual makes the decisions
a) Mixed Economy b) Traditional Economy c) Command Economy d) Market Economy
Economic system that has characteristics of both market and command economies
a) Mixed Economy b) Traditional Economy c) Command Economy d) Market Economy
Economic system where government planning groups make the decisions
a) Mixed Economy b) Traditional Economy c) Command Economy d) Market Economy
Economic System based on customs and habits from the past
a) Mixed Economy b) Traditional Economy c) Command Economy d) Market Economy
Which Middle Eastern countries are NOT major exporters of oil?
a) Saudi Arabia and Turkey b) Saudi Arabia and Iran c) Israel and Turkey d) Turkey and Iran
Improving vehicles, factories, and computer systems are all examples of ___________.
a) Human Capital b) Capital Goods c) Currency d) Exchange Rate
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