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Southwest Asia Economics
Test Description: Economics
Instructions: Answer all questions to get your test result.
1) An agricultural economy where things are produced the same way there ancestors have.
A
Traditional
B
Command
C
Market
D
Mixed
2) An economy that is planned and controlled by the government.
A
Traditional
B
Command
C
Market
D
Mixed
3) An economic system where price is driven by supply and demand of individuals and business owners.
A
Market
B
Mixed
C
Traditional
D
Command
4) An economic system that has both government and private business owner and consumer control.
A
Command
B
Mixed
C
Market
D
Traditional
5) Israel has an advanced free market economy that is technologically advanced. Which economy is it?
A
Traditional
B
Command
C
Mixed Command
D
Mixed Market
6) Turkey is mostly free market with little government control. Which economy is it?
A
Traditional
B
Command
C
Mixed Market
D
Mixed Command
7) Saudi Arabia's economy is mostly oil based with much government control but there is also private business ownership. Which economy is it?
A
Market
B
Traditional
C
Mixed
D
Command
8) A tax on goods coming into a country.
A
embargo
B
tariff
C
specialization
D
quota
9) A limit on the amount of a foreign good that can be imported.
A
embargo
B
specialization
C
quota
D
tariff
10) A stopping of trade with another country for punishment.
A
tariff
B
embargo
C
quota
D
specialization
11) What is the goal of the Organization of Petroleum Exporting Countries (OPEC)?
A
To stop oil from being sold around the world.
B
To keep the prices of oil high so that it is difficult to buy.
C
To keep the prices of oil stable so the member countries can make money.
D
To keep the prices of oil low so that more be have access to it.
12) The percentage of people that can read and write.
A
literacy rate
B
physical capital
C
human capital
D
standard of living
13) An investment in the education and training of workers.
A
human capital
B
standard of living
C
physical capital
D
literacy rate
14) Countries that have high literacy rates and invest in human capital will have what kind of standard of living?
A
high standard of living
B
literacy rates do not matter
C
low standard of living
D
human capital has no effect
*select an answer for all questions
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