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ME Econ Review
Test Description: Review for the Middle East Economics Test
Instructions: Answer all questions to get your test result.
1) Economic System based on customs and habits from the past
A
Traditional Economy
B
Mixed Economy
C
Market Economy
D
Command Economy
2) Economic system where government planning groups make the decisions
A
Traditional Economy
B
Mixed Economy
C
Market Economy
D
Command Economy
3) Economic system that has characteristics of both market and command economies
A
Market Economy
B
Traditional Economy
C
Command Economy
D
Mixed Economy
4) Economic system where the individual makes the decisions
A
Mixed Economy
B
Command Economy
C
Market Economy
D
Traditional Economy
5) Israel specializes in _____________
A
Agricultural Technology
B
Textiles
C
Manufacturing
D
Oil and Natural Gas
6) Saudi Arabia specializes in _______________
A
Oil and Natural Gas
B
Manufacturing
C
Agricultural Technology
D
Textiles
7) What is a quota?
A
A system to change currency between countries
B
Trade barrier that puts a tax on imported goods
C
Trade barrier that sets a limit on the amount of a product that can be imported
D
Trade barrier that stops all trade between two countries
8) What is a tariff?
A
Trade barrier that sets a limit on the amount of a product that can be imported
B
Trade barrier that puts a tax on imported goods
C
Trade barrier that stops all trade between two countries
D
A system to change currency between countries
9) 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
10) When OPEC reduces the supply of oil, what does the price do?
A
Price goes down
B
Price goes up
C
Price stays the same
D
Price is not affected by supply
11) Why is a system to exchange currency between countries important?
A
It stops trade between countries
B
Makes trade easier between countries
C
It slows down trade between countries
D
It's not important
12) Total value of all goods and services produced by a country in a year
A
Gross Domestic Product (GDP)
B
Entrepreneur
C
Currency
D
Exchange Rate
13) Person who takes a risk to start a business or create a new product
A
Currency
B
Gross Domestic Product (GDP)
C
Exchange Rate
D
Entrepreneur
14) Why did the U.N. put an embargo Iraq after the Persian Gulf War?
A
The U.N. wanted Iraq to comply with U.N. requirements
B
To force Iraq to find new trading partners
C
To get Iraq to end their war with Iran
D
To protect Iraq's economy
15) 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?
16) Why do the Israelis invest so much in technology?
A
To help support their oil exports
B
Because they can't produce enough food
C
The have few natural resources and depend on high technology
D
To improve their military
17) Improving the education, healthcare, and job training of the workers is called _______
A
Exchange Rate
B
Capital Goods
C
Human Capital
D
Currency
18) Which Middle Eastern countries are NOT major exporters of oil?
A
Saudi Arabia and Turkey
B
Israel and Turkey
C
Turkey and Iran
D
Saudi Arabia and Iran
19) Improving vehicles, factories, and computer systems are all examples of ___________.
A
Capital Goods
B
Currency
C
Exchange Rate
D
Human Capital
*select an answer for all questions
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