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7th SW Asia Economics Flashcards | StudBud
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7th SW Asia Economics
A tax placed on imported goods.
What is the major export of Saudi Arabia?
7th SW Asia Economics
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Economics of SW Asia
Flashcards
26 cards
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Questions
26
Answers
1
What is the major export of Saudi Arabia?
Petroleum (oil)
Water
Agriculture
Seafood
2
A tax placed on imported goods.
Free trade
Quota
Embargo
Tariff
3
How would you best describe the economy of Israel?
Pure Command Economy
Pure Market Economy
Mixed Market Economy
Traditional Economy
4
What is currency exchange?
Investing in human capital
Increasing your country's GDP through investment
Trading goods and services
Changing one country's money for another's.
5
An economic system, where government makes all the decisions.
Command Economy
Market Economy
Traditional Economy
6
If a country invests on Human capital and Capital goods, what most likely happens to GDP?
It is ruined
It increases
It decreases
Nothing
7
Which type of economic system do MOST countries have?
Command
Mixed
Market
Traditional
8
Factories, machinery, technology, and tools are examples of?
GDP
Human Capital
Trade barriers
Capital Goods
9
Which natural resource does Southwest Asia have an abundance (lots) of?
Gold
Oil
Silver
Water
10
The people and business owners influence economic decisions in this economy (think Supply and Demand).
Traditional
Market
Pure command
Command
11
What does Organization of Petroleum Exporting Countries (OPEC) do?
Creates a single market economy for countries
Exchanges currencies
To fight terrorism
Control the supply of oil and influence the price
12
Which of the following is another name for oil?
Gravy
Water
Marsh
Petroleum
13
Members of OPEC would be concerned with the price of?
Oil
Agriculture
Water
Cars
14
Exports are products that are...
Entering the country
Exiting the country
15
Setting a limit on imported goods from another country.
Tariff
Tax
Embargo
Quota
16
Saudi Arabia has more of this type of economy since the Royal Family makes most decisions.
Mixed Market
Pure Market
Traditional
Mixed Command
17
If literacy rate increases (goes up), what usually happens to the Standard of Living and GDP?
No change
Happiness
Increases
Decreases
18
An economy based on customs, habits, and is passed down from generation to generation.
Market economy
Mixed economy
Command economy
Traditional economy
19
Which
best
describes how the SW Asia's vast oil supply has affected the history of the region?
Encouraged democracy in the area
It has had no effect
Lowered the standard of living in the region
It has slowed down industrialization (diversification)
20
What are the most important natural resources in SW Asia?
Pearls and Diamonds
Diamonds and water
Oil and water
Sand and Dust
21
Education, skills and training are examples of this.
Quotas
Capital goods
Human Capital
Trade barriers
22
An official ban of trade with another country is known as?
Capital Goods
Embargo
International Trade
Tariff
23
What must be in place for international trade to take place?
A system of currency exchange
Embargoes
Trustees
Tariffs
24
In Turkey, citizens make more of the Economic decisions, therefore, Turkey has more of a?
Weak Economy
Shared Economy
Mixed Command Economy
Mixed Market Economy
25
How do entrepreneurs help an economy?
by protecting the environment
by creating goods and services
by curing diseases and death
by increasing governmental power
26
A country produces what they can make best and trades for everything else it cannot make.
Tariff
Specialization
Human Capital
Quota
