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Economy II
Test Description: Economy
Instructions: Answer all questions to get your test result.
1) What is the effect of a country investing in capital goods such as factories, machineries, and technology?
A
It encourages more people to become entreprenuers.
B
It helps lower the currency exchange rate.
C
It helps the gross domestic product grow.
D
It helps remove trade barriers.
2) During the years of apartheid, some African nations refused to buy products from South Africa. This is an example of
A
a quota
B
an embargo
C
a tariff
D
a free trade agreement
3) All of the following are examples of entrepreneurs EXCEPT
A
a new restaurant owner
B
a concert promoter
C
a child with a lemonade stand
D
a military general
4) Educaiton, training, and healthcare are all
A
capital goods
B
investments in human capital
C
entreprenuers
D
natural resources
5) Based on gross domestic product, the country in Africa with the largest economy is
A
Nigeria
B
Sierra Leone
C
South Africa
D
Egypt
6) Saudi government has encouraged the development of industries other than oil in an attempt to
A
strengthen the country's education system
B
make the Saudi economy more diverse
C
raise money for the royal family
D
encourage entrepreneurship
7) Which statement describes the economies of many Southwest Asian countries today?
A
They are command economies.
B
They are free market economies.
C
The are mixed economies.
D
They are based on agriculture.
8) Which of the following is true of Iran' s economy?
A
Iran has a major problem with unemployment.
B
There are no entrepreneurs in Iran today.
C
It is a major importer of oil.
D
The country works hard to protect its human capital.
9) In 1973, OPEC natins refused to sell oil to the United States. This was an example of
A
an embargo
B
a free trade agreement
C
a quota
D
a tariff
10) Why is Saudi government increasing spending on education and training for its young people?
A
The government wants to prepare them for future conflicts.
B
The government wants to lower the GDP and the per capita income.
C
The government will need to create many new jobs for them in the coming years.
D
The government realizes the country is running out of oil.
11) The economies of Israel, Turkey, and Saudi Arabia are all
A
mixed economies
B
command economies
C
traditional economies
D
pure market economies
12) How did the discovery of oil impact the economies of Southwest Asia?
A
Saudi Arabia became the only country to exploit its oil deposits.
B
Many economies became dependent on oil sales.
C
Countries refused to sell oil to the United States.
D
Countries decided not to produce and sell oil.
13) The government of Saudi Arabia has increased its spending on education and training. This is an investment in
A
human capital
B
capital goods
C
the stock market
D
international commerce
14) Japan has a trade surplus. This means that it
A
exports more than it imports
B
has extra unsold goods for sale
C
transfers extra goods to Japanese companies abroad
D
imports more than it exports
15) All of the following are trade barriers EXCEPT
A
quotas
B
tariffs
C
foreign investment
D
embargoes
*select an answer for all questions
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