ME Econ Unit Test Review Question Preview (ID: 27516)
Review For ME Economics Unit Test.
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What does economic speciaization allow a country to do?
a) It allows countries with different types of money to trade
b) Risk their money to start a business
c) Make the things that they make best/most easily so they can sell them and get what they need
d) Not trade with other countries
OPEC was created to regulate supply and price of oil. When they reduce the supply, the price does what?
a) Price of oil goes up
b) Price of oil goes down
c) Price of oil stays the same
d) Oil price is unrelated to supply
Why do most economies operate somewhere between market and command economy?
a) Consumers want government control over the whole economy
b) Consumers want no government control
c) They need a mix of market and command in order to make money and protect consumers.
d) Government control makes more money
Saudi Arabia specializes in _______ and ______________.
a) wheat and barley
b) oil and natural gas
c) natural gas and diamonds
d) Agriculture and machinery
Why is a system to change currency important?
a) It allows countries with different types of money to trade
b) It makes things cheaper
c) It makes things more expensive
d) It raises the GDP
Which country has NOT moved to a more market economy?
a) Israel
b) Iran
c) Turkey
d) Saudi Arabia
Israel specializes in ___________
a) Oil
b) Natural Gas
c) Manufacturing
d) Agricultural Technology
Why do the Israelis invest so much in human capital?
a) Their economy depends on advanced technology
b) They bring in workers from other countries
c) Human capital is not expensive
d) They produce a lot of oil
What happens to GDP if you increase the amount of investment in capital goods or human capital?
a) GDP goes up
b) GDP goes down
c) GDP stays the same
d) GDP is not related to capital goods or human capital
Why did the U.N. put an embargo on Iraq after the Persian Gulf War?
a) To protect Iraq's economy
b) To increase Iraq's GDP
c) To get Iraq to meet UN demands
d) To make Iraq invade Kuwait
Do trade barriers ever change or do they stay the same?
a) Trade barriers never change or go away
b) Trade barriers are usually temporary
c) None
d) None
Which of these countries is not a major exporter of oil?
a) Israel
b) Iran
c) Saudi Arabia
d) They are all major oil exporters
Where are most of the nations in OPEC located?
a) Europe
b) Middle East
c) South America
d) Iowa
Economic system where the individual takes the financial risk
a) Traditional
b) Command
c) Mixed
d) Market
Economic system where the individual makes the decisions
a) Traditional
b) Command
c) Mixed
d) Market
Economic system where government planning groups make the decisions
a) Traditional
b) Command
c) Mixed
d) Market
Economic System based on customs and habits from the past
a) Traditional
b) Command
c) Mixed
d) Market
2. Economic system that has characteristics of both market and command economies
a) Traditional
b) Command
c) Mixed
d) Market
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