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Economic Systems of SW Asia Flashcards | StudBud
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Economic Systems of SW Asia
Economic Systems of SW Asia
31 terms
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SS7E4, SS7E5
Flashcards
31 cards
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Questions
31
Answers
1
Producing those goods a country can make most easily so they can trade them for goods
tariff
Quota
Specialization
GDP
2
The economies of Israel, Saudi Arabia, Turkey, and Israel can best be described as...?
Traditional
Mixed
Market
Command
3
What are 3 economic questions every country must answer when developing its economic plan?
What to produce, how to produce, and for whom to produce?
What to produce, why to produce, when to produce?
What is cost, what resources are needed, how resources used?
When to produce, how much to produce, why to produce
4
Why was OPEC created?
To design new technology for getting oil out of the ground
To regulate the supply and price of oil
To keep non-members from producing any oil
To help Palestinian Arabs with problems with Israeli Jews
5
What is human capital?
taxes collected from a country's workers
money paid to workers for producing goods
skills and education workers have
the amount of goods sold in foreign trade in a year
6
What happens to the price of oil when OPEC countries decide to reduce production?
Oil becomes free to OPEC members
Oil prices increase
Oil prices decrease
Oil prices stay the same
7
In 1973, SW Asia countries stopped exporting oil to the U.S. What type of trade barrier is this
tariff
mountain
embargo
quota
8
One of Iran’s biggest problems with their state-run oil industry is:
Inefficiency and poor organization
human capital
capital goods
Few remaining oil deposits
9
Factories, machinery, and technology
Barriers
Capital Goods
opportunity costs
human capital
10
In a market economy, who makes the economic decisions?
consumers and the market
farmers
government planners
custom and habit
11
What is a quota?
a tax placed on goods purchased in the market place
a decision to prevent certain goods from being imported
a tax placed on imported goods when they enter the country
limit to amount of a foreign good thats allowed in a country
12
In a command economy, how are economic decisions made?
government planners
combination of comsumers and government planners
custom and habit
consumers and the market
13
What is an embargo?
tax paid so producer can sell his goods in another country
a formal halt to trading with a particular country
a limit to the amount of a certain good allowed in a country
a tax placed on goods coming into the country from overseas
14
Tariffs and quotas are alike because they both __________________.
completely stop trade between countries.
increase trade between countries
restrict or limit trade between countries
make trading a lot easier between countries.
15
Why has Israel specialized in the area of technology?
The country has little in the way of fishing.
It has few natural resources and little farmland.
It has a poorly educated population.
The money earned is used to support the military.
16
What is the definition of Gross Domestic Product (GDP)?
total value of all goods and services a country makes a year
total value of all goods produced by entrepreneurs in a year
total value of all goods imported within a year
total value of taxes collected in a year
17
A halt of trading with a particular country for economic or political reasons
Quota
embargo
Specialization
tariff
18
Where are most OPEC countries located?
Africa
Southwest Asia
North America
Southern and Eastern Asia
19
Syria has not built new factories new technology in years. What is the country NOT investing in
opportunity costs
human capital
natural resources
capital goods
20
Saudi Arabia puts a limit on how much Dead Sea salt it will import, what trade barrier is this?
Tariff
Embargo
Quota
Opportunity Cost
21
gifts of nature
trade barriers
tariff
natural resources
capital goods
22
Which Southwest Asian country’s businesses are under the LEAST amount of government control?
Syria
Iran
Saudi Arabia
Israel
23
Which of the following would reflect Israel’s mixed economy?
Economic decisions based on customs and beliefs of ancestors
country’s distribution of resources is based on inheritance.
combination of privately-owned business and gov regulations.
Prices and wages are solely regulated by the government
24
Someone who is willing to take a risk to begin a new business is considered a...?
Entrepreneur
Economist
Producer
Consumer
25
What is a tariff?
tax placed on goods made by local craftsmen or manufacturers
a tax placed on goods coming into one country from another
a tax paid when goods are shipped state to state in the U S
a tax paid by the purchaser when goods are sold
26
The relationship between the literacy rate and standard of living in Southwest Asia is _______.
Literacy rate has no effect on the standard of living.
Low literacy rate creates a higher standard of living.
The standard of living is independent of literacy rate.
higher the literacy rate the higher the standard of living.
27
Who takes on the financial risk in starting a new business in a market economy?
individual business people
consumers
government planners
combination of government planners and individual investors
28
In a traditional economy, how are economic decisions made?
Customs and traditions
Consumers
Government leaders
A mix of consumers and government leaders
29
Why is specialization so valuable to international trade
It limits the amount of agriculture a country allows.
Most countries only make one product really well.
people do a more efficient job producing what they make best
It keeps the prices low on imported goods.
30
Saudi Arabia specializes in the production of:
Oil and natural gas
Livestock
Oil and olives
Olives and grapes
31
What does OPEC stand for?
Oil and Petroleum Continents
Organization of Petroleum Exporting Countries
Official Petroleum Expecting Continents
Oil Planning and Environmental Committee
