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Trade & Commerce Review
Trade & Commerce Review
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1
Laissez-faire capitalism
emphasizes theimportanceofminimalrestrictions on the economy
was adopted by the Soviet Union during the Cold War
is also known as state-directed capitalism
maximizes the role of the government in the economy
2
Which of these is NOT a product derived from oil?
paints & insecticides
soap & hair conditioner
fabrics & inks
plastics & nanotubes
3
How was the United States involved in the Oil Embargo of 1873? See Picture
A
C
B
D
4
Besides the Oil Embargo of 1973 what other event led to another oil shock?
the Korean War
the fall of the Soviet Union in 1992
the fall of the royal family in Saudi Arabia
the 1979 Iranian Revolution
5
Which 19-year-old boxer became in 1986, the youngest ever to win the heavyweight title?
Mike Tyson
Vladimir Klitschko
Evander Holyfield
George Foreman
6
Who beat Avon in the football Semi-State game?
Ben Davis
Center Grove
Brownsburg
Cathedral
7
What saved the whales?
nuclear power
the discovery of oil
activists that protested whaling
the story Moby Dick
8
Based on the map which answer is correct
More diamonds come from the WH than the EH
The EH has fewer petroleum reserves and products than the WH
The WH has a wider variety of resources than the EH
The EH was a wider variety of resource than the WH
9
See picture
mixed economy
laissez-faire
economics
command economy
10
See picture for question
scarcity
laissez faire
supply and demand
economics
11
See picture
Doomsday
It's the end of the world as we know it.....
Shoot Over the Earth Day
Earth Overshoot Day
12
See picture
mixed economy
free trade
imports
exports
13
What helped foreign cars gain a share of the car market in the United States?
the oil shocks from the Middle East
they were faster than American cars
they were more fuel efficient than American cars
they looked cooler
14
When was Earth overshoot day in 2015?
July 4
December 18
August 13
November 5
15
Africa has many natural resources but lacks an adequate supply of freshwater.Thisisanexampleof?
exports
bartering
scarcity
imports
16
Use the picture to answer the question
living things require a huge amount of the earths H2O supply
A majority of the earth's H2O is suitable for human drinking
Earth's fresh water is primarily in glaciers and ice caps
Most of the earth's fresh water is easily accessible
17
Which of the following is NOT a nonrenewable resource?
water
gold
coal
iron ore
18
Which of the following statements is true regarding the future of water?
whoever control this resource controls the world muhahahaha
conflicts will never occur over water
the US will not have to worry about fresh water in thefuture
scarcity of thisresource could cause conflicts in the future
19
Investment in improved transportation & communication systems is usually done with the intent
to increase economic growth
increase tax revenues
increase transportation costs
increase regional divides
20
In a communist political economy, natural resources and productive enterprises are owned by?
corporations
individuals
foreigners
the government
21
What are the two bad outcomes of higher minimum wages?
more taxes
higher prices
unemployment
no innovation
22
What country is the world's top oil producer?
Venezuela
Saudi Arabia
Iran
Iraq
23
Why do countries in the middle east need to diversify their countries? (See Picture)
C
B
A
D
24
What creates wealth?
innovation
your own business
knowledge
money
25
Out of 100 students who enter a four-year college only
25% graduate
36% graduate
75% graduate
59% graduate
26
What is the biggest investor in the United States?
China
Venezuela
Ecuador
Japan
27
According to Bloomberg News, the cost of college tuition has risen by
265%
535%
1000%
100%
28
What was the last country to join OPEC?
Ecuador
Angola
Algeria
Nigeria
29
The world is expected to increase in population from 7.3 billion to 11.2 billion by 2100...
this is due to the increased longevity of the world
because of the high teenage pregnancy rates in the U.S.
because people like to have unprotected sex
this is due to the high fertility rates in Africa
30
Before Middle Eastern countries took over the oil industry, who was in control?
South American businesses
1 American, 2 European, & 1 Asian company
4 American & 3 European companies
4 Asian & European companies
31
What leads to dynamic economic growth?
freedom
knowledge
innovation
money
32
Who won the state championship in soccer this year?
Harrison
Center Grove
Lake Central
Carmel
33
Where was the first commercial oil well dug in the United States?
Texas
Pennsylvania
Alaska
Gulf of Mexico
34
What was the biggest game changer about how the modern world works?
the fall of communism
the creation of renewable energy
the creation of OPEC
the rise of the US as a global super power
35
Who should care most about the national debt?
middle aged people
old people
no one
young people
36
In economics the price of goods is determined by?
taxes
supply and demand
exports
imports
37
Innovation is often
found in college labs
a surprise
calculated
unpredictable
38
A natural resource is defined by three elements
cultural values, technology, and economic systems
cultural values, resource availability, and economic system
resource availability, technology, and economic system
cultural values, technology, and resource availability
39
What is the United States debt currently?
29 trillion
12 trillion
17 trillion
36 trillion
40
Using S & D, which of the following is likely to be true of wheat in Saudi Arabia?
demand will be high and the price will be low
the supply will be low and the price will be high
the price will be low because the supply is high
the supply and price will be high
