In general, how does a country's literacy rate impact its standard of living?

Higher literacy rates produce lower standards ofliving.

Nations in the Middle East with little access to oil often

struggle to improve living conditions for their populations.

Which situation is an example of entrepreneurship?

Mina uses her savings to found an internet startup company

What answer choice describes economic specialization?

producers produce the goods they can create most efficiently and trade

Which situation involves investment in human capital?

Sending an adjuster to a mechanic shop to better understand car accident

Enes lives in Turkey. He travels to China for business. What will Enes need to do before he is able to purchase a meal?

Exchange his Turkish money for Chinese money

Generally, "mixed economy" means an economy that

has both command and market elements.

A monetary exchange system is necessary for international trade because it

allows goods to be traded between nations with different currencies.

Which of the following organizations did Iraq, Iran, Kuwait, Saudi Arabia, and Venezuela found together?

the Organization of Petroleum Exporting Countries

Which of the following describes the relationship between oil production and Middle Eastern nations' GDP?

the higher the production of oil, the higher the nation's GDP

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2020-2021 Unit 4 Post Test Review

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Questions 22

Answers

1
What is NOT one of the three basic questios of economic systems?
When will it be produced?
How will it be produced?
What will be produced?
For whom will it be produced?
2
In general, how does a country's literacy rate impact its standard of living?
Lower literacy rates produce higher standards ofliving.
Higher literacy rates produce lower standards ofliving.
Literacy rates have little or no impact on standards of living.
Higher literacy rates produce higher standards of living.
3
What type of investment would be the MOST LIKELY to raise a country's literacy rate?
investment in stocks
investmentt in capital goods
investment in bonds
investment in human capital
4
Nations in the Middle East with little access to oil often
struggle to improve living conditions for their populations.
outsource jobs as a means by which to grow their economies.
invest heavily in social services such as education.
implement strict trade barriers to protect domestic competition.
5
Arab Human Development Report stated a “knowledge deficit” was a serious problem they faced. This suggests a shortage of
advanced technology.
foreign investment.
capital goods.
human capital.
6
Which situation is an example of entrepreneurship?
Mina uses her savings to found an internet startup company
Malik pours a little extra coffee for customers who are nice to him
Hamid helps his elderly neighbor by getting her mail for her.
Yasmin begins working at her father's furniture store.
7
Saudi Arabia specializes in
extracting oil
making textiles
growing food
raising cattle
8
What answer choice describes economic specialization?
the government controls the means of production
all economic barriers to trade have been eliminated
producers look to the past in order to answer the three economic questions
producers produce the goods they can create most efficiently and trade
9
Which industry is MOST important to the Saudi Arabian economy?
the oil industry
the tourism industry
the fishing industry
the steel industry
10
People who own and operate a business, and accept the risk of that business failing, are
Lenders.
Consumers.
Entrepreneurs.
Employees.
11
Which situation involves investment in human capital?
Hiring worker to work from home to save money on renting office space
repair shop add more lifts so they can repair more cars at one time
Person quits job, applies for loan to open own business
Sending an adjuster to a mechanic shop to better understand car accident
12
_______ is a tax on goods imported into country.
Capital goods
Human Capital
Tariff
Embargo
13
The government controls everything in this type of economy.
command
traditional
Market
mixed
14
If the Organization of the Petroleum Exporting Countries reduced its oil production, the MOST LIKELY result would be ___
price for oil would increase
prices for oil would decrease
tariffs on oil would decrease
tariffs on oil would increase
15
Enes lives in Turkey. He travels to China for business. What will Enes need to do before he is able to purchase a meal?
File paperwork to become a temporary Chinese citizen
Pay a specified fee to Chinese government
Exchange his Turkish money for Chinese money
Find a job in China in order to earn Chinese money
16
Generally, "mixed economy" means an economy that
has both command and market elements.
has a large industrial sector and a large agricultural sector.
relies only on supply and demand to determine production.
relies on the use of currency as well asbartering.
17
A monetary exchange system is necessary for international trade because it
helps governments control inflation and deflation rates.
helps governments increase the efficiency of their economies.
allows citizens from a nation to vacation in other countries.
allows goods to be traded between nations with different currencies.
18
Which of the following organizations did Iraq, Iran, Kuwait, Saudi Arabia, and Venezuela found together?
the Economic Cooperation Organization
the Organization for Economic Co-operation and Development
the Organization of Petroleum Exporting Countries
the International Trade Organization
19
________ is education, training, and experience of a workforce.
Capital Goods
Tariff
Human Capital
Quota
20
Which of the following words comes closest to describing the economy of Israel?
traditional
parlimentary
command
market
21
Which of the following describes the relationship between oil production and Middle Eastern nations' GDP?
Increased oil production will require investment in human capital for GDP
Reduced oil production will require investment in capital infrastructure
the lower the production of oil, the higher a nation's GDP
the higher the production of oil, the higher the nation's GDP
22
What type of economy do MOST Southwest Asian nations have?
Traditional economy
Pure market economy
Pure command economy
Mixed economy

2020-2021 Unit 4 Post Test Review Flashcards | StudBud