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Economics Fun!
Test Description: ECONOMICS!
Instructions: Answer all questions to get your test result.
1) If the U.S. placed an embargo against North Korea, the goal would be to:
A
lower the price of oil on the world market
B
help the North Koreans
C
weaken North Korea's economy
D
establish a new type of currency
2) When countries issue tariffs and/or quotas against other nations:
A
trading continues
B
trading increases
C
declarations of war are issued
D
trading stops
3) Why is it important to have a system to convert from one currency to another?
A
The banks are not able to handle different kinds of currencies.
B
The conversion to different currencies makes goods cost less.
C
Converting currency makes it possible to buy and sell goods between nations with different types of money.
D
The dollar is the most valuable currency in the world today.
4) Many oil-rich countries cooperate with each other in the Organization of Petroleum Exporting Countries (OPEC). How does this help these countries play a major role in world affairs?
A
They maintain a military force in the Middle East.
B
They share a common form of government.
C
They influence the price of oil on the world market.
D
They share a common language and history.
5) One reason that the Organization of Petroleum Exporting Countries (OPEC) is so powerful is that:
A
The official language of the majority of OPEC nations is Arabic.
B
OPEC nations control a majority of the world’s oil reserves.
C
Six OPEC Nations are in the Middle East.
D
Oil is available in all nations.
6) Human capital is:
A
the total agriculture produced by a nation in one year
B
government-owned businesses
C
factories and industries
D
the money spent to train and educate workers on how to use new technology
7) What are capital goods?
A
the workers who make the goods and services
B
the goods and services that are produced for a country’s economy
C
the factories, machinery, and technology used to make other goods
D
the money spent to train workers to use new technology
8) In the economy of Israel, it is easy to start a business. What impact does this have on the role of entrepreneurs in Israel?
A
Entrepreneurs will have no real impact on the economy of Israel.
B
Entrepreneurs can make significant contributions to the economy of Israel.
C
Entrepreneurs are not affected.
D
The efforts of entrepreneurs are limited because of a lack of government rules.
9) How does specialization assist the economies of all countries?
A
It encourages trade between countries.
B
It does not affect trade between countries.
C
It restricts trade between countries.
D
It motivates countries to migrate closer to command economies.
10) Saudi Arabia focuses great amounts of time and energy on the oil industry. This is an example of:
A
specialization
B
human capital
C
establishing trade barriers
D
currency exchange
11) Which two highly-populated nations of S+E Asia have high amounts of natural resources, which have greatly assisted their economies?
A
South Korea and Thailand
B
North Korea and Japan
C
Vietnam and Indonesia
D
China and India
12) Which of the following nations has few natural resources and arable land and has to import most of the resources and food that it needs?
A
Japan
B
China
C
India
D
South Korea
*select an answer for all questions
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