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Unit 4: Middle East Economics
Test Description: Middle East Econmics
Instructions: Answer all questions to get your test result.
1) What are the 3 basic economic systems?
A
Traditional, Mixed, Monarchy
B
Traditional, Command, Market
C
Supply, Demand, Barter
D
Institutional, Free-Market, Demand
2) Which system is a combination of the 3 primary economic systems and is the most-used today?
A
Mixed
B
Traditional
C
Market
D
Command
3) Which economic system is based on customs of the past?
A
Mixed
B
Traditional
C
Command
D
Market
4) The government controls all aspects of the economy in which system?
A
Traditional
B
Market
C
Command
D
Mixed
5) Producers and consumers make all the economic decisions in which economic system?
A
Mixed
B
Traditional
C
Market
D
Command
6) This economic systems includes free enterprise with some government control.
A
Command
B
Mixed
C
Traditional
D
Market
7) The 3 questions that must be answered by the economic system are
A
how to produce, how much to produce and when to produce.
B
What to produce, how to produce and for whom to produce.
C
what to produce, how to produce and how much government gets
D
What to produce, when to produce and how to produce.
8) Which of the following is not a natural trade barrier?
A
volcano
B
mountains
C
desert
D
quota
9) Which of the following is not a man-made trade barrier?
A
Embargo
B
GDP
C
Quota
D
Tariff
10) A person who takes the risk to start their own business is called
A
an entreprenuer
B
a consumer
C
an imperialist
D
an advertiser
11) A formal halt to trade between nations is called
A
an embargo
B
a quota
C
an exchange rate
D
a tariff
12) A limit on foreign goods coming into the country is called
A
an exchange rate
B
an embargo
C
a tariff
D
a quota
13) A tax on goods coming into the country is called
A
a quota
B
an exchange rate
C
an embargo
D
a tariff
14) A scale showing the value of a country's currency in comparison to another country is
A
a tariff
B
an embargo
C
a quota
D
an exchange rate
15) Health insurance, employee day care, and training are investments in
A
capital goods
B
human capital
C
entrepreneurship
D
natural resources
16) Investment in updating computer technology, machinery and equipment are investments in
A
natural resources
B
human capital
C
entrepreneurship
D
capital goods
17) Replanting trees that have been cut down is an investment in
A
natural resources
B
human capital
C
capital goods
D
entrepreneurship
18) Decreasing taxes for small business is an investment in
A
natural resources
B
entrepreneurship
C
capital goods
D
human capital
19) As a country's literacy rate and GDP rises their standard of living usually
A
decreases
B
increases
C
no change
D
stays the same
20) Which country has the highest literacy rate and standard of living in Southwest Asia?
A
Iran
B
Saudi Arabia
C
Israel
D
Turkey
*select an answer for all questions
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