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SWA Economics
Test Description: Review and quiz of the economies of southwest asia
Instructions: Answer all questions to get your test result.
1) What are the three economic questions that every country must answer?
A
What to produce, when to produce, and where to produce
B
none of these
C
What to produce, how much it costs, and who pays the taxes
D
What to produce, how to produce, for whom to produce
2) What type of economic system do most democratic countries have?
A
command
B
market
C
traditional
D
mixed
3) An economy in which most of the economic decisions that are made are based on custom and on the habit of how such decisions were made in the past.
A
market
B
command
C
traditional
D
mixed
4) Government planning groups make the basic economic decisions such as which goods and services to produce, prices, and wage rates
A
mixed
B
command
C
traditional
D
market
5) What type of trade barrier involves adding a special tax on imported goods?
A
tariff
B
embargo
C
quota
D
penalty
6) What trade barrier restricts the quantity of an item that is brought into a country?
A
embargo
B
penalty
C
tariff
D
quota
7) What trade barrier is a restriction on or forbids trade with a country or a product?
A
quota
B
embargo
C
penalty
D
tariff
8) Which country has the most diversified economy in the Middle East?
A
Israel
B
Saudi Arabia
C
Iran
D
Iraq
9) What economic challenges is Saudi Arabia facing?
A
Diversifying economy because oil supplies will run out;
B
high unemployment;
C
unskilled native workforce
D
all of these
10) What type of economic system is found in the Turkey?
A
traditional
B
command
C
market
D
mixed
11) How did the United Nations punish Iraq when it invaded Kuwait in 1990?
A
quota
B
penalty
C
tariff
D
embargo
12) Why has the US placed several embargoes against Iran over the past two decades?
A
Ayatollah Khomeini forbade foreign trade
B
their involvement in terrorism
C
America gave the former shah free cancer treatment
D
they sold us dirty oil
13) What is OPEC’s function?
A
To regulate oil production and prices
B
to protect the wealthy oil barons
C
to decide who is allowed to dig for oil in their country
D
to regulate trade between Canada, Mexico, and the USA
*select an answer for all questions
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