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May 2017 Final Exam - Economics
Test Description: 7th Grade Georgia SS standards/curriculum
Instructions: Answer all questions to get your test result.
1) The MOST LIKELY impact of the September 11 terrorist attacks on the price of oil was;
A
a sharp initial rise in price, then gradual lowering of prices to pre-attack levels.
B
a gradual increase in price, then a sharp drop to 1990s levels.
C
a sharp decrease due to the oil embargo of OPEC.
D
a sharp initial drop in price, immediately followed by a price increase to pre-attack levels.
2) When a country invests in the skill, health, education, and values of its citizens, this is called;
A
life expectancy rate
B
literacy rate
C
human capital
D
economic investment
3) Why do most countries in the world today fall somewhere between a market and a command economy?
A
Most consumers prefer government control to free market.
B
Government control always makes a market economy more profitable.
C
Some government control has never been successful.
D
Most countries have found they need a mix of free market and government control to be successful.
4) Imposing some sort of cost on trade that raises the price of the traded products is MOST LIKELY an example of;
A
a trade incentive
B
a trade surplus
C
a trade deficit
D
a trade barrier
5) Using your knowledge of the geography of the Middle East, which country would LEAST likely benefit from oil production?
A
Israel
B
Saudi Arabia
C
Iran
D
Iraq
6) In a command economy, how are the prices of goods and services determined?
A
market forces of supply and demand
B
the central government
C
independent agencies and independent regulators
D
business owners
7) 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
Tariff
C
Quota
D
Embargo
8) In a traditional economy, the decision to make (or not make) certain products is decided MOSTLY by;
A
entrepreneurs
B
government
C
customs
D
producers
9) Saudi Arabia's economy would BEST be described as;
A
a Mixed economy with large amounts of Command
B
almost entirely Command
C
entirely Market
D
a mixture between just Market and Traditional
10) Syria has not built new factories or used new technology in many years. What is the country NOT investing in?
A
capital goods
B
natural resources
C
human capital
D
opportunity costs
*select an answer for all questions
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