May 2017 Final Exam - Economics Question Preview (ID: 37706)


7th Grade Georgia SS Standards/curriculum. TEACHERS: click here for quick copy question ID numbers.

In a traditional economy, the decision to make (or not make) certain products is decided MOSTLY by;
a) customs
b) entrepreneurs
c) government
d) producers

Saudi Arabia's economy would BEST be described as;
a) entirely Market
b) almost entirely Command
c) a mixture between just Market and Traditional
d) a Mixed economy with large amounts of Command

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) Embargo
b) Tariff
c) Quota
d) Opportunity Cost

Using your knowledge of the geography of the Middle East, which country would LEAST likely benefit from oil production?
a) Iran
b) Iraq
c) Israel
d) Saudi Arabia

In a command economy, how are the prices of goods and services determined?
a) business owners
b) the central government
c) market forces of supply and demand
d) independent agencies and independent regulators

Imposing some sort of cost on trade that raises the price of the traded products is MOST LIKELY an example of;
a) a trade barrier
b) a trade surplus
c) a trade deficit
d) a trade incentive

Why do most countries in the world today fall somewhere between a market and a command economy?
a) Some government control has never been successful.
b) Government control always makes a market economy more profitable.
c) Most consumers prefer government control to free market.
d) Most countries have found they need a mix of free market and government control to be successful.

When a country invests in the skill, health, education, and values of its citizens, this is called;
a) human capital
b) literacy rate
c) economic investment
d) life expectancy rate

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 rise in price, then gradual lowering of prices to pre-attack levels.
d) a sharp initial drop in price, immediately followed by a price increase to pre-attack levels.

Syria has not built new factories or used new technology in many years. What is the country NOT investing in?
a) opportunity costs
b) natural resources
c) human capital
d) capital goods

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