MCMS SW Asia economies

Question 1

What happens to the price of oil when OPEC countries decide to reduce production?

Accepted Answer

prices rise

Question 2

What are the 3 basic economic questions that all economic systems must answer?

Accepted Answer

what, how to, and for who to produce

Question 3

This forbids trade with another country

Accepted Answer

embargo

Question 4

Isreal specializes in

Accepted Answer

agricultural technologies

Question 5

Which describes how MOST countries around the world answer the basic economic questions?

Accepted Answer

a mixture of command and market economies

Question 6

Israel has invested in capital goods in all of the following except

Accepted Answer

oil industry

Question 7

Why do most countries in the world operate somewhere in between a market and command economy?

Accepted Answer

most countries need a mixed economy to be successful

Question 8

How are China (yuan) and Iran (rial) able to trade goods with each other?

Accepted Answer

there is a system in place that can convert currencies

Question 9

When a country invest in power plants and transportation systems, it is:

Accepted Answer

investing in capital goods

Question 10

Why would one country place an embargo against another country?

Accepted Answer

political differences

Question 11

What is the definition of economic specialization?

Accepted Answer

Focus on particular products and trading with countries

Question 12

Which natural resource plays a major role in the economies of Saudi Arabia and Iran?

Accepted Answer

oil

Question 13

When OPEC limits the amount of oil that members produce that is an example of

Accepted Answer

quota

Question 14

How has Israel made up of rits lack of natural resources?

Accepted Answer

they have developed strong technology

Question 15

Many major industries in Saudi Arabia have significant gov't involvement, the economy is more

Accepted Answer

command

Question 16

Under which economic system does the gov't make almost all of the economic decisions?

Accepted Answer

command

Question 17

Saudi Arabia and Iran both invest in capital at higher rates than Israel. Therefore,

Accepted Answer

Israel has a smaller growth rate

Question 18

Why is it important for nations to have a system to convert from one currency to another?

Accepted Answer

Can buy and sell btw nations w/different currencies

Question 19

Where are most of the OPEC countries located?

Accepted Answer

Southwest Asia

Question 20

The economy of Saudi Arabia is based on which of the following?

Accepted Answer

oil and natural gas

Question 21

this is a tax on imported goods

Accepted Answer

tariff

Question 22

When a company educates and trains its people, it is

Accepted Answer

investing in human capital

Question 23

What is the primary function for OPEC?

Accepted Answer

they set the amount of oil produced and exported

Question 24

Countries around the Persian Gulf rely on what resource?

Accepted Answer

<br>oil

Question 25

Israel limits agricultural imports, which term describes this type of trade barrier?

Accepted Answer

quota

Question 26

This person has an idea for a good or service and takes the risks to produce it

Accepted Answer

entrepreneur

Question 27

Turkey has much economic freedom, but also a large amount of gov't involvement. That economy is

Accepted Answer

mixed

Question 28

What happens to GDP when a country invest money into education and training?

Accepted Answer

it would increase

Question 29

Describe entrepreneurship

Accepted Answer

putting together resources to make a good or service

Question 30

Tariffs are a useful trade barrier if the gov't placing it wants to achieve which goal

Accepted Answer

increasing tax revenue on imports

Question 31

What type of economy does Israel have?

Accepted Answer

mixed

MCMS SW Asia economies

Questions 31

MCMS SW Asia economies

Questions 31