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**Unit 3 Review** Flashcards | StudBud
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**Unit 3 Review**
**Unit 3 Review**
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Unit 3 Review
Flashcards
33 cards
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Practice quiz
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Questions
33
Answers
1
The economies of Israel, Saudi Arabia, and Turkey are all:
mixed economies
command economies
market economies
2
***The greatest day in Mr Poole's life occurred when...
his 6th Period class was canceled due to a pep rally
he was hired to teach at EHMS
his first child was born
he got married
3
A quota is:
a limit on imports
a limit on trade
a tax on imports
4
***A few years ago, Mrs. Shirley visited the Middle Eastern country of:
Iran
Israel
Turkey
Kuwait
5
Who makes all economic choices in a market economy?
the government
elected officials
individual citizens
individual citizens and the government
6
An embargo is:
a limit on imports
a limit on trade
a tax on imports
7
Entrepreneurs are important because they:
keep prices high due to competition
reduce the number of jobs
make significant contributions to an economy
make all economic choices in a country
8
What is the primary function of OPEC?
influencing the price of gold
influencing the price of oil
influencing the price of uranium
influencing the price of coal
9
Israel is closer to a Market Economy than Saudi Arabia because:
in Israel, individual citizens make more business decisions
in Israel, the government makes more business decisions
10
***How many ceiling tiles are in Mr. Farr's classroom?***
161 tiles
183 tiles
194 tiles
172 tiles
11
What is a tariff?
a tax placed on imports
a limit placed on imports
a limit placed on trade
12
***How did Mr. Farr win a free trip to Las Vegas?***
He was voted: 'Teacher of the Year!'
He won the prize on a lottery ticket!
He was on an episode of "The Price is Right!"
He won a 3-point shootout!
13
Which of the following statements about Middle Eastern oil is true?
Oil-rich countries always have monarchies in place.
Having much oil does not affect their economies.
Countries with more oil are richer than those without oil.
Oil-rich countries do not need much clean water.
14
***What is the longest distance that Mr. Farr has ever run?***
3.1 miles
to the fridge
6.8 miles
13.1 miles
15
***Coach Peake has visited the home of his ancestors in...
Scotland
Norway
France
Germany
16
OPEC is powerful because:
it controls a majority of the world's oil
the U.S. is an active member
all OPEC members have monarchies
it is made up of only Middle Eastern countries
17
Since Israel has such a high literacy rate, it likely has:
a low standard of living
a high standard of living
18
What has caused Saudi Arabia's rapid economic expansion over the past few decades?
food production
gold exports
technology
petroleum exports
19
What occurs when countries fail to invest in human capital and capital goods?
The GDP will rapidly increase.
The GDP will not rapidly increase.
20
Saudi Arabia and Iran have recently become rich due to:
oil
platinum
gold
copper
21
All countries have:
command economies
mixed economies
market economies
traditional economies
22
Saudi Arabia focuses much time and energy on the oil industry. This is an example of:
a quota
specialization
human capital
a traditional economy
23
Who makes all economic decisions in a command economy?
the government and individual citizens
religious leaders
the government
individual citizens
24
The economies of Israel and Turkey are both:
diverse
reliant on the decisions of OPEC
mostly controlled by their governments
based on oil production
25
Saudi Arabia is closer to a Command Economy than Israel because:
in Saudi Arabia, there are more privately-owned businesses
in Saudi Arabia, there are more government-owned businesses
26
A system based on customs and beliefs is central to:
a traditional economy
a command economy
a mixed economy
a market economy
27
When a country invests in human capital and capital goods, the GDP will likely:
slowly increase
stay the same
rapidly increase
decrease
28
The money spent to train and educate citizens on how to use new technology is called:
capital goods
human capital
29
In order for international trade to be successful, there must be a system of:
taxing citizens in other countries
reducing personal freedoms and voting rights
installing tariffs and quotas
exchanging currencies
30
Specialization:
encourages trade
discourages trade
31
Factories, machinery, and technology used to make other goods are called:
capital goods
human capital
32
Why is it important to have a system to convert from one type of currency to another?
It makes it possible for countries to trade.
It makes it possible to create trade barriers.
33
***When Ms. Miller was younger, she served her country as a proud member of:
the United States Air Force
the United States Navy
the United States Army
her high school's softball team
