Economics Fun! Question Preview (ID: 37083)


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If the U.S. placed an embargo against North Korea, the goal would be to:
a) weaken North Korea's economy
b) help the North Koreans
c) lower the price of oil on the world market
d) establish a new type of currency

When countries issue tariffs and/or quotas against other nations:
a) trading continues
b) trading stops
c) trading increases
d) declarations of war are issued

Why is it important to have a system to convert from one currency to another?
a) Converting currency makes it possible to buy and sell goods between nations with different types of money.
b) The dollar is the most valuable currency in the world today.
c) The banks are not able to handle different kinds of currencies.
d) The conversion to different currencies makes goods cost less.

Many oil-rich countries cooperate with each other in the Organization of Petroleum Exporting Countries (OPEC). How does this help these countries play a major role in world affairs?
a) They influence the price of oil on the world market.
b) They share a common language and history.
c) They share a common form of government.
d) They maintain a military force in the Middle East.

One reason that the Organization of Petroleum Exporting Countries (OPEC) is so powerful is that:
a) OPEC nations control a majority of the world’s oil reserves.
b) Oil is available in all nations.
c) Six OPEC Nations are in the Middle East.
d) The official language of the majority of OPEC nations is Arabic.

Human capital is:
a) the money spent to train and educate workers on how to use new technology
b) factories and industries
c) the total agriculture produced by a nation in one year
d) government-owned businesses

What are capital goods?
a) the factories, machinery, and technology used to make other goods
b) the workers who make the goods and services
c) the goods and services that are produced for a country’s economy
d) the money spent to train workers to use new technology

In the economy of Israel, it is easy to start a business. What impact does this have on the role of entrepreneurs in Israel?
a) Entrepreneurs can make significant contributions to the economy of Israel.
b) The efforts of entrepreneurs are limited because of a lack of government rules.
c) Entrepreneurs are not affected.
d) Entrepreneurs will have no real impact on the economy of Israel.

How does specialization assist the economies of all countries?
a) It encourages trade between countries.
b) It does not affect trade between countries.
c) It restricts trade between countries.
d) It motivates countries to migrate closer to command economies.

Saudi Arabia focuses great amounts of time and energy on the oil industry. This is an example of:
a) specialization
b) currency exchange
c) human capital
d) establishing trade barriers

Which two highly-populated nations of S+E Asia have high amounts of natural resources, which have greatly assisted their economies?
a) China and India
b) North Korea and Japan
c) South Korea and Thailand
d) Vietnam and Indonesia

Which of the following nations has few natural resources and arable land and has to import most of the resources and food that it needs?
a) Japan
b) China
c) India
d) South Korea

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