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