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ME Econ Unit Test Review
Test Description: Review for ME Economics Unit Test
Instructions: Answer all questions to get your test result.
1) What does economic speciaization allow a country to do?
A
Make the things that they make best/most easily so they can sell them and get what they need
B
Not trade with other countries
C
Risk their money to start a business
D
It allows countries with different types of money to trade
2) OPEC was created to regulate supply and price of oil. When they reduce the supply, the price does what?
A
Price of oil stays the same
B
Oil price is unrelated to supply
C
Price of oil goes down
D
Price of oil goes up
3) Why do most economies operate somewhere between market and command economy?
A
Government control makes more money
B
Consumers want government control over the whole economy
C
They need a mix of market and command in order to make money and protect consumers.
D
Consumers want no government control
4) Saudi Arabia specializes in _______ and ______________.
A
Agriculture and machinery
B
wheat and barley
C
natural gas and diamonds
D
oil and natural gas
5) Why is a system to change currency important?
A
It allows countries with different types of money to trade
B
It raises the GDP
C
It makes things more expensive
D
It makes things cheaper
6) Which country has NOT moved to a more market economy?
A
Israel
B
Iran
C
Saudi Arabia
D
Turkey
7) Israel specializes in ___________
A
Oil
B
Manufacturing
C
Natural Gas
D
Agricultural Technology
8) Why do the Israelis invest so much in human capital?
A
Their economy depends on advanced technology
B
They bring in workers from other countries
C
Human capital is not expensive
D
They produce a lot of oil
9) What happens to GDP if you increase the amount of investment in capital goods or human capital?
A
GDP goes up
B
GDP is not related to capital goods or human capital
C
GDP stays the same
D
GDP goes down
10) Why did the U.N. put an embargo on Iraq after the Persian Gulf War?
A
To protect Iraq's economy
B
To make Iraq invade Kuwait
C
To get Iraq to meet UN demands
D
To increase Iraq's GDP
11) Do trade barriers ever change or do they stay the same?
A
None
B
Trade barriers never change or go away
C
None
D
Trade barriers are usually temporary
12) Which of these countries is not a major exporter of oil?
A
Iran
B
They are all major oil exporters
C
Saudi Arabia
D
Israel
13) Where are most of the nations in OPEC located?
A
Iowa
B
South America
C
Middle East
D
Europe
14) Economic system where the individual takes the financial risk
A
Market
B
Mixed
C
Traditional
D
Command
15) Economic system where the individual makes the decisions
A
Market
B
Command
C
Traditional
D
Mixed
16) Economic system where government planning groups make the decisions
A
Command
B
Market
C
Mixed
D
Traditional
17) Economic System based on customs and habits from the past
A
Command
B
Traditional
C
Market
D
Mixed
18) 2. Economic system that has characteristics of both market and command economies
A
Command
B
Mixed
C
Market
D
Traditional
*select an answer for all questions
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