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Unit 5 Review
Test Description: Unit 5 review for middle east economies
Instructions: Answer all questions to get your test result.
1) In a command economy, how are the prices of goods and services determined?
A
business owners
B
independent agencies and independent regulators
C
market forces of supply and demand
D
the central government
2) Communism and socialism are usually found in what type of economic system?
A
pure market
B
mixed
C
command
D
traditional
3) ) In this type of economic system, the production of goods and services is controlled solely by the concept of supply and demand, businesses are operated for profit, and the government is not involved.
A
command
B
communism
C
market
D
mixed
4) In a traditional economy, the decision to make (or not make) certain products is decided MOSTLY by
A
government
B
producers
C
custom
D
entrepreneurs
5) Over 95% of the oil in Saudi Arabia is controlled by the government. This element of Saudi Arabia's economy shows that the oil industry is most likely which economic system?
A
mixed
B
traditional
C
market
D
command
6) Since the early 1980's, Turkey has made significant strides in moving away from government run businesses and toward privately run businesses. This shows that Turkey's economy has made a move in which direction?
A
from command to traditional
B
from market to command
C
from traditional to command
D
from command to market
7) Since the early 1980's, Saudi Arabia has made significant effort to attempt to have more privately owned businesses. This shows that Saudi Arabia's economy has attempted to move toward which economic system?
A
command
B
market
C
traditional
D
communist
8) In the Kingdom of Saudi Arabia the government controls every aspect of oil production which makes up the majority of the country's economy. While there is some private businesses, oil is most of economy. This can be described as
A
pure command
B
pure market
C
mixed market
D
mixed command
9) Which Middle Eastern country would you expect to have an economy that is more command-based than market-based?
A
Saudi Arabia
B
Turkey
C
Nigeria
D
Iran
10) It’s major industry include high-technology products
A
Iran
B
Israel
C
Saudi Arabia
D
Turkey
11) Which statement about Saudi Arabia's economy is TRUE?
A
The country's oil industry is based completely on capitalism.
B
Only native Saudi's are allowed to work in the country' oil fields.
C
Saudi Arabia is the world 3rd largest oil producer.
D
Most of the oil production is controlled by the government.
12) Mikhail sells products on eBay from his home in Israel. Ihsan buys products on eBay from his home is Saudi Arabia. What makes this form of international trade easier?
A
a one world wide currency
B
a system of currency exchange between nations
C
a system of paying for things with oil
D
a system in which goods are traded for other goods
13) If OPEC decided to cut oil production for the coming year, what would be the MOST LIKELY effect?
A
a system of currency exchange between nations
B
prices would not change
C
a system in which goods are traded for other goods
D
oil prices would probably rise
14) The price of one nation's currency in terms of another nation's currency is called
A
the exchange rate
B
fiscal policy
C
fiscal rate
D
the discount rate
*select an answer for all questions
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