Southwest Asia Economics Question Preview (ID: 48425)


Economics. TEACHERS: click here for quick copy question ID numbers.

An agricultural economy where things are produced the same way there ancestors have.
a) Traditional
b) Market
c) Command
d) Mixed

An economy that is planned and controlled by the government.
a) Traditional
b) Command
c) Market
d) Mixed

An economic system where price is driven by supply and demand of individuals and business owners.
a) Traditional
b) Command
c) Market
d) Mixed

An economic system that has both government and private business owner and consumer control.
a) Traditional
b) Command
c) Market
d) Mixed

Israel has an advanced free market economy that is technologically advanced. Which economy is it?
a) Traditional
b) Mixed Command
c) Mixed Market
d) Command

Turkey is mostly free market with little government control. Which economy is it?
a) Traditional
b) Command
c) Mixed Market
d) Mixed Command

Saudi Arabia's economy is mostly oil based with much government control but there is also private business ownership. Which economy is it?
a) Traditional
b) Command
c) Market
d) Mixed

A tax on goods coming into a country.
a) embargo
b) quota
c) tariff
d) specialization

A limit on the amount of a foreign good that can be imported.
a) embargo
b) quota
c) tariff
d) specialization

A stopping of trade with another country for punishment.
a) embargo
b) quota
c) tariff
d) specialization

What is the goal of the Organization of Petroleum Exporting Countries (OPEC)?
a) To keep the prices of oil low so that more be have access to it.
b) To keep the prices of oil high so that it is difficult to buy.
c) To keep the prices of oil stable so the member countries can make money.
d) To stop oil from being sold around the world.

The percentage of people that can read and write.
a) standard of living
b) physical capital
c) human capital
d) literacy rate

An investment in the education and training of workers.
a) human capital
b) physical capital
c) literacy rate
d) standard of living

Countries that have high literacy rates and invest in human capital will have what kind of standard of living?
a) low standard of living
b) high standard of living
c) human capital has no effect
d) literacy rates do not matter

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