Unit 5 Review: Question Preview (ID: 21464)

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It’s major industry include high-technology products
a) Israel
b) Saudi Arabia
c) Iran
d) Turkey

In the Kingdom of Saudi Arabia the government controls every aspect of oil production which makes up the majority of the country's economy. While there is some private businesses, oil is most of economy. This can be described as
a) mixed command
b) mixed market
c) pure market
d) pure command

Which Middle Eastern country would you expect to have an economy that is more command-based than market-based?
a) Iran
b) Turkey
c) Saudi Arabia
d) Nigeria

Since the early 1980's, Saudi Arabia has made significant effort to attempt to have more privately owned businesses. This shows that Saudi Arabia's economy has attempted to move toward which economic system?
a) market
b) traditional
c) command
d) communist

Over 95% of the oil in Saudi Arabia is controlled by the government. This element of Saudi Arabia's economy shows that the oil industry is most likely which economic system?
a) mixed
b) market
c) command
d) traditional

Since the early 1980's, Turkey has made significant strides in moving away from government run businesses and toward privately run businesses. This shows that Turkey's economy has made a move in which direction?
a) from market to command
b) from command to market
c) from traditional to command
d) from command to traditional

In a command economy, how are the prices of goods and services determined?
a) business owners
b) the central government
c) market forces of supply and demand
d) independent agencies and independent regulators

Communism and socialism are usually found in what type of economic system?
a) command
b) traditional
c) mixed
d) pure market

) In this type of economic system, the production of goods and services is controlled solely by the concept of supply and demand, businesses are operated for profit, and the government is not involved.
a) command
b) communism
c) market
d) mixed

In a traditional economy, the decision to make (or not make) certain products is decided MOSTLY by
a) custom
b) entrepreneurs
c) government
d) producers

Which statement about Saudi Arabia's economy is TRUE?
a) Saudi Arabia is the world 3rd largest oil producer.
b) Most of the oil production is controlled by the government.
c) The country's oil industry is based completely on capitalism.
d) Only native Saudi's are allowed to work in the country' oil fields.

Mikhail sells products on eBay from his home in Israel. Ihsan buys products on eBay from his home is Saudi Arabia. What makes this form of international trade easier?
a) a one world wide currency
b) a system of paying for things with oil
c) a system of currency exchange between nations
d) a system in which goods are traded for other goods

If OPEC decided to cut oil production for the coming year, what would be the MOST LIKELY effect?
a) prices would not change
b) oil prices would probably rise
c) a system of currency exchange between nations
d) a system in which goods are traded for other goods

The price of one nation's currency in terms of another nation's currency is called
a) fiscal policy
b) fiscal rate
c) the exchange rate
d) the discount rate

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