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