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Unit 4 Economics Test Review Flashcards | StudBud
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Unit 4 Economics Test Review
Unit 4 Economics Test Review
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Economics of Southwest Asia
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
There is no competition between businesses.
command economy
traditional economy
market economy
2
In some countries, business and industry are owned by the government. This is:
market
traditional
command
mixed
3
The study of how people manage their resources by exchanging, or using goods and services
specialization
entrepreneurship
economics
4
If a country has a high literacy rate, what kind of jobs would we typically find there?
fast food workers
ditch diggers
engineers and architects
5
Individuals can choose their own job.
traditional economy
command economy
market economy
6
Israel invests heavily in schools, hospitals, and colleges. Because of this, we would expect
the unemployment rate to be high
people to leave the country in search of jobs
the standard of living to be high
7
What you produce depends on what the government needs.
command economy
market economy
traditional economy
8
How does a mixed economy determine who to produce goods and services for?
the customer that will buy it
the government controls distribution
the customer that will buy it, but the govt will make rules
9
Technology is not used or important.
traditional economy
market economy
command economy
10
What kind of economy does Turkey have?
pure command
more market than command
pure market
11
The letters in OPEC stand for
Oil Pricing and Extraction Council
Organization of Petroleum ExportingCountries
Oil Price Evaluation Committee
12
A baker buys a new oven to support his custom cake business. The oven is an example of
entrepreneurship
natural resource
capital good
13
A carpenter buys lots of wood from a lumber yard. The wood is an example of
capital goods
natural resources
entrepreneurship
14
How would a country invest in capital goods?
Build more roads and bridges.
Educating and training citizens.
.Mine more diamonds and coal
15
The total measure of wealth created in one country in one year is called
TLC.
per-capita GDP.
GDP.
GPD.
16
Cut diamonds are a major export of Israel. This trade in diamonds is made much easier by
Use of a world wide currency.
A system to exchange currency betweencountries.
Trading only with countries that have the same currency.
17
People,competing to make a profit, answer the 3 economic questions.
traditional economy
market economy
command economy
18
Why is OPEC powerful?
OPEC opposes embargoes
OPEC countries control 78% of the worldoil supply.
OPEC has the most powerful military on earth.
19
OPEC’s mission is to
to lower the cost of oil
setting the price of oil by controlling production of oil
to increase the use of petrochemicals
20
To protect industries in their own nation from foreign competition. A govt would best:
start an embargo
impose a tariff
lower their GDP
21
When a product is sent out of a country through trade, it is called an
export.
exchange rate.
import.
22
Which of the following is NOT one of the reasons why specialization encourages trade?
products are produced faster and better quality
you can make everything you need in your own country
greater variety of products
23
Why do you sometimes WANT the government to control some of the economy?
To reduce the GDP
To protect consumer and worker safety.
To kill entrepreneurship
24
Jordan limits the amount of fruit that comes into the country from Syria. This is an example of
tariff
embargo
quota
25
A woman brings together capital, natural and human resources to start an auto-repair business.
human capital
capital good
entrepreneurship
26
This oil extraction technique has made it possible for the U.S. to produce a lot more oil.
deep sea drilling
forward osmosis
reverse osmosis
hydraulic fracking
27
To help U.S. corn farmers, the govt charges $.54 per gallon for ethanol imported from Brazil.
quota
embargo
tariff
28
Factories are concerned about quotas, not profits.
traditional economy
command economy
market economy
29
How does a command economy determine how to produce?
done the same way as the generations before
government owns the means of production
businesses own the resources but the govt sets standards
30
How does a mixed economy determine what to produce?
people decides what to produce, but the government regulates
the customer decides what to produce
the government decides what to produce
