Economy II: Question Preview (ID: 30985)

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Japan has a trade surplus. This means that it
a) exports more than it imports
b) imports more than it exports
c) has extra unsold goods for sale
d) transfers extra goods to Japanese companies abroad

The government of Saudi Arabia has increased its spending on education and training. This is an investment in
a) human capital
b) the stock market
c) international commerce
d) capital goods

The economies of Israel, Turkey, and Saudi Arabia are all
a) command economies
b) pure market economies
c) mixed economies
d) traditional economies

How did the discovery of oil impact the economies of Southwest Asia?
a) Many economies became dependent on oil sales.
b) Countries refused to sell oil to the United States.
c) Countries decided not to produce and sell oil.
d) Saudi Arabia became the only country to exploit its oil deposits.

Why is Saudi government increasing spending on education and training for its young people?
a) The government realizes the country is running out of oil.
b) The government wants to prepare them for future conflicts.
c) The government wants to lower the GDP and the per capita income.
d) The government will need to create many new jobs for them in the coming years.

Which of the following is true of Iran' s economy?
a) It is a major importer of oil.
b) Iran has a major problem with unemployment.
c) The country works hard to protect its human capital.
d) There are no entrepreneurs in Iran today.

In 1973, OPEC natins refused to sell oil to the United States. This was an example of
a) a free trade agreement
b) a quota
c) a tariff
d) an embargo

Saudi government has encouraged the development of industries other than oil in an attempt to
a) raise money for the royal family
b) encourage entrepreneurship
c) strengthen the country's education system
d) make the Saudi economy more diverse

Which statement describes the economies of many Southwest Asian countries today?
a) They are free market economies.
b) The are mixed economies.
c) They are command economies.
d) They are based on agriculture.

Based on gross domestic product, the country in Africa with the largest economy is
a) Egypt
b) Nigeria
c) South Africa
d) Sierra Leone

All of the following are examples of entrepreneurs EXCEPT
a) a new restaurant owner
b) a concert promoter
c) a military general
d) a child with a lemonade stand

Educaiton, training, and healthcare are all
a) investments in human capital
b) natural resources
c) capital goods
d) entreprenuers

During the years of apartheid, some African nations refused to buy products from South Africa. This is an example of
a) a quota
b) an embargo
c) a tariff
d) a free trade agreement

What is the effect of a country investing in capital goods such as factories, machineries, and technology?
a) It encourages more people to become entreprenuers.
b) It helps remove trade barriers.
c) It helps lower the currency exchange rate.
d) It helps the gross domestic product grow.

All of the following are trade barriers EXCEPT
a) quotas
b) tariffs
c) foreign investment
d) embargoes

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