SWA Economics Question Preview (ID: 53444)
Review And Quiz Of The Economies Of Southwest Asia.
TEACHERS: click here for quick copy question ID numbers.
What are the three economic questions that every country must answer?
a) What to produce, how to produce, for whom to produce
b) What to produce, when to produce, and where to produce
c) What to produce, how much it costs, and who pays the taxes
d) none of these
What type of economic system do most democratic countries have?
a) traditional
b) command
c) market
d) mixed
An economy in which most of the economic decisions that are made are based on custom and on the habit of how such decisions were made in the past.
a) traditional
b) command
c) market
d) mixed
Government planning groups make the basic economic decisions such as which goods and services to produce, prices, and wage rates
a) traditional
b) command
c) market
d) mixed
What type of trade barrier involves adding a special tax on imported goods?
a) tariff
b) embargo
c) quota
d) penalty
What trade barrier restricts the quantity of an item that is brought into a country?
a) tariff
b) embargo
c) quota
d) penalty
What trade barrier is a restriction on or forbids trade with a country or a product?
a) tariff
b) embargo
c) quota
d) penalty
Which country has the most diversified economy in the Middle East?
a) Saudi Arabia
b) Iraq
c) Israel
d) Iran
What economic challenges is Saudi Arabia facing?
a) Diversifying economy because oil supplies will run out;
b) high unemployment;
c) unskilled native workforce
d) all of these
What type of economic system is found in the Turkey?
a) command
b) traditional
c) mixed
d) market
How did the United Nations punish Iraq when it invaded Kuwait in 1990?
a) tariff
b) embargo
c) quota
d) penalty
Why has the US placed several embargoes against Iran over the past two decades?
a) they sold us dirty oil
b) their involvement in terrorism
c) America gave the former shah free cancer treatment
d) Ayatollah Khomeini forbade foreign trade
What is OPEC’s function?
a) To regulate oil production and prices
b) to decide who is allowed to dig for oil in their country
c) to protect the wealthy oil barons
d) to regulate trade between Canada, Mexico, and the USA
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