Unit 3 Review (II): Question Preview (ID: 7109)

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In Israel, it is easy to start a business. What impact does this have on the role of entrepreneurs?
a) Entrepreneurs will have no real impact on the economy of Israel. b) Entrepreneurs can make significant contributions to the economy of Israel. c) The efforts of entrepreneurs are limited because of a lack of government rules. d) Entrepreneurs are not affected.
What is the best description of the economies of Israel and Turkey?
a) a mixture of private and government-owned businesses b) businesses controlled by European investors c) the economy is based on customs and beliefs d) mainly government-owned businesses
If a country does not invest in its human capital, how can it affect the country’s gross domestic product (GDP)?
a) GDP is only affected if workers pay for the investment out of their own pockets. b) Most workers want to keep their jobs and do not care about GDP. c) GDP may not rapidly increase because poorly trained workers will not be able to do their jobs as well. d) Investment in human capital has little effect on a country’s GDP.
What do the members of OPEC have in common?
a) They influence the price of oil on the world market. b) They share a common language and history. c) They maintain a military force in the Middle East. d) They share a common form of government.
In Turkey, the government and individual citizens make economic decisions. This is a(n):
a) command economy b) traditional economy c) market economy d) mixed economy
Where is the largest portion of the world's oil located?
a) sub-Saharan Africa b) the Middle East c) South America d) Southern and Eastern Asia
Why is it important to have a system to convert from one currency to another?
a) The dollar is the most valuable currency in the world today. b) The conversion to different currencies makes goods cost less. c) Converting currency makes it possible to buy and sell goods between nations with different types d) The banks are not able to handle different kinds of currencies.
How has the discovery of oil in some Southwest Asian (Middle East) countries affected the economic development of this area?
a) Those countries with oil reserves are much richer than those countries that have not found oil in b) The discovery of oil has meant that no other industries have developed in the region. c) Having oil has made very little difference in the economy in this region. d) Those with oil need less water than the other countries around them.
How does specialization assist the economies of all countries?
a) It motivates countries to migrate closer to command economies. b) It encourages trade between countries. c) It restricts trade between countries. d) It does not affect trade between countries.
What is an embargo?
a) the refusal to cooperate with other countries in a specific region b) a limit on imports from other nations c) a limit on trade with other countries d) a tax placed on imports
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