SW ASIA ECONOMIES REVIEW Question Preview (ID: 43393)
SW ASIAN ECONOMICS.
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In my country, the government has decided how much salary I will get, how much I can charge for my product, how much I can produce and how much I am allowed to sell. I live in a
a) Traditional Economy
b) Command Economy
c) Mixed Economy
d) Market Economy
In my country, prices and trade are not regulated. We charge whatever people are willing to pay and the price goes up and down based on supply and demand. I live in a
a) Command Economy
b) Mixed Economy
c) Market Economy
d) Traditional Economy
In my country, we don't rely on currency (money) so much. Instead we trade goods for other goods. I live in a
a) Command Economy
b) Market Economy
c) Traditional Economy
d) Mixed Economy
Saudi Arabia specializes in the production of
a) Oil and gas
b) Industrial technologies
c) Olives and oranges
d) Agricultural technologies
What is “economic specialization?”
a) producing those goods a country can make most efficiently so they can trade them for goods made by others that cannot be prod
b) directly swapping goods form one country to another without having to use money
c) trying to avoid investing in industry and technology because of the expense involved
d) producing all goods and services needed for a country’s growth, so that trade with other countries is not needed
What is an entrepreneur?
a) People who enjoy saving all their money
b) Someone who is willing to take a risk to begin a new business
c) Someone who is always successful in whatever he attempts
d) Business people who try not to take risks with their money
Why do most economies in the world today operate somewhere in between a market economy and a command economy?
a) Most consumers want government control of the economy
b) Most economies have found they need a mix of free market and some government control to be successful and protect consumers
c) Government control makes a market economy more profitable
d) Government control of some aspects of the economy has never been successful in the modern world
What is human capital?
a) money paid to workers for producing goods
b) Skills and education workers have
c) The amount of goods sold in foreign trade in a year
d) Taxes collected from a country’s workers
Why are oil and gas such valuable natural resources?
a) Large deposits of oil and gas are found in most countries
b) Oil and gas are the only sources of energy used around the world
c) used Industrial countries depend on oil and gas in their energy supply
d) It is easy to replace oil and gas supplies after they are used
How has Israel’s lack of oil affected that country’s economy?
a) Israeli businesses use little oil to operate
b) The Israeli economy is built around large-scale farming
c) Israel has little industry due to their lack of oil
d) The Israeli economy depends on technology rather than natural resources, such as oil
In my country, we let people charge what they will for their goods, but we do not allow people to flood the market to drive down the prices or gauge prices just because demand has temporarily increased. I live in a
a) Command Economy
b) Market Economy
c) Traditional Economy
d) Mixed Economy
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