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