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ECON- SW ASIA -7th Gr.- Wright
Test Description: 7th gr ss econ of sw asia- Wright
Instructions: Answer all questions to get your test result.
1) What economic questions are asked when studying the similarities of traditional, command, market, and mixed economies among nations of the world?
A
What to produce, why to produce, when to produce?
B
What is your opportunity cost, what economic resources are needed, why should these resources be used?
C
What is your opportunity cost, why are economic resources needed, when should these resources be used?
D
What to produce, how to produce, and for whom to produce?
2) What is ‘specialization’?
A
Producing all goods that the country needs so that trade with other countries isn’t necess ary
B
Trying to avoid investing in capital goods because it’s too expensive
C
Producing goods a country can make most easily so that they can trade for goods that they can’t produce locally
D
Directly trading goods with another country without having to use money
3) Why is specialization so valuable to international trade today?
A
It limits the amount of agriculture a country allows.
B
Specialization allows people to do a more efficient job at producing what they make best and trade for the things they need.
C
It keeps the prices low on imported goods.
D
Most countries only make one product really well.
4) Saudi Arabia specializes in the production of:
A
olives and grapes
B
livestock
C
oil and natural gas
D
oil and olives
5) Why has Israel specialized in technology?
A
The money earned is used to support the military.
B
It has few natural resources and little farmland.
C
It has a poorly educated population.
D
The country has little in the way of fishing.
6) The economies of Israel, Saudi Arabia, Turkey, and Iran can best be described as:
A
command
B
traditional
C
market
D
mixed
7) In a traditional economy, how are economic decisions made?
A
Customs and traditions
B
A mix of consumers and government leaders
C
Consumers
D
Government leaders
8) Why was OPEC created?
A
To regulate the supply and price of oil
B
To design new technology for getting oil out of the ground
C
To help Palestinian Arabs with problems with Israeli Jews
D
To keep non-members from producing any oil
9) Where are most OPEC countries located?
A
Africa
B
North America
C
Southern Eastern Asia
D
Southwest Asia
10) What happens to the price of oil when OPEC countries decide to reduce production?
A
Oil prices stay the same
B
Oil becomes free to OPEC members
C
Oil prices increase
D
Oil prices decrease
11) What is the definition of Gross Domestic Product (GDP)?
A
The total value of all goods produced by entrepreneurs in a year
B
The total value of taxes collected in a year
C
The total value of all goods imported within a year
D
The total value of all the goods and services a country produces in a year
12) Which Southwest Asian country’s businesses are under the LEAST amount of government control?
A
Iran
B
Syria
C
Saudi Arabia
D
Israel
13) Tariffs and quotas are alike because they both ______________.
A
restrict or limit trade between countries.
B
completely stop trade between countries.
C
. increase trade between countries.
D
make trading a lot easier between countries.
14) In 1973, Southwest Asian countries stopped exporting oil to the United States in protest against the US’ support of Israel. What type of trade barrier is this?
A
quota
B
mountain
C
tariff
D
embargo
15) The relationship between the literacy rate and standard of living in Southwest Asia is _________.
A
Literacy rate has no effect on the standard of living.
B
The standard of living is independent of literacy rate.
C
The higher the literacy rate the higher the standard of living.
D
Low literacy rate creates a higher standard of living.
16) If Saudi Arabia’s government puts a limit on how much Israeli Dead Sea salt it will import this year, what trade barrier is this?
A
opportunity cost
B
embargo
C
quota
D
tariff
17) Which of the following would reflect Israel’s mixed economy?
A
Economic decisions are based on customs and beliefs of ancestors.
B
The country’s distribution of resources is based on inheritance.
C
Prices and wages are solely regulated by the country’s government.
D
A combination of privately-owned businesses and government regulations.
18) Syria has not built new factories or used new technology in many years. What is the country NOT investing in?
A
opportunity costs
B
natural resources
C
capital goods
D
human capital
19) One of Iran’s biggest problems with their state-run oil industry is:
A
Lack of a market for oil
B
Inefficiency and poor organization
C
Few remaining oil deposits
D
No labor force
20) A person who takes risks by starting a new business is known as a(n):
A
Dictator
B
Economist
C
Entrepreneur
D
International trader
*select an answer for all questions
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