What is a mixed economy?

Combines elements of the command and market economies

Command Economy Meaning?

one in which a central authority decides what goods will be produced

what is a pure market economy?

it is also known as a free market

oil producing countries that control price/supply of oil

The skills, knowledge, and experience possessed by and individual

What are the factors of production?

Land, Capital, Labor, & Natural Resources

Calculated by the total population

Which of these are Included in GDP?

A Car from a American Dealership In America.

Literacy Rates are…

The percentage of people who are literate (able to read and write)

A limit placed to lower the amount of things that are sent to a country.

Organization of Petroleum Exporting Countries

What is a mixed economy

an economic system combining private and public enterprise.

What is Standard of Living?

How much money you make and how well you live

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SWA Economics Review

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Questions 27

Answers

1
Embargo is...
government forbids trade.
a limit on the amount of goods imported.
nothing.
a tax on imported goods.
2
What is a mixed economy?
To dispose of things of value
Combines elements of the command and market economies
Making an economic decision independently
The private ownership of economic
3
A market economy is known as
socialism
consumerism
communism
capitalism
4
What are disadvantages of a Traditional Economy?
It discourages new ideas
People can't eat
Nobody participates
People have to work
5
Command Economy Meaning?
one in which someones central authority
one in which someones central authoirty to an item
none of the above
one in which a central authority decides what goods will be produced
6
what is a pure market economy?
the government has complete control
both the government and individuals have control
it is also known as a free market
Empty choice
7
What is OPEC
oil producing countries that control price/supply of oil
a group of people that talk about oil
countries that want to make all the profit
a group of people that want all the oil for themselves
8
Human capital is
The demand, knowledge, and skills possessed by an individual
The skills, knowledge and money possessed by an individual
The skills, knowledge, and experience possessed by and individual
The knowledge, skills, and land possessed by an individual
9
What are the factors of production?
Capital, Land, Checking, Buildings
Land, Capital, Labor, & Natural Resources
Land, Capital, Business, Research Resources
Land, Labor, Capital, Research
10
Cons of command economy?
mobilisation
innovation is fine
not satisfying the development
not allow to create
11
What is Saudi Arabia's largest export?
Clothing
Oil
Guns
Cars
12
90% of Saudi Arabia Export is oil. This shows that Saudi Arabia's economy has a high level of
investment in human capital.
entrepreneurship
investment in capital goods
specialization
13
What is a traditional economy
based on traditional customs and beliefs of the society
needs and wants
both blue and red
decisions about what to produce,how,and for whom to be produced for
14
Which would be a likely result of a country investing in human capital?
The GDP would likely decrease.
The GDP would likely increase.
Workers would have less training and skills.
Investing in human capital would not help the economy.
15
GDP Per Capita
Calculated by the Total Commerce
Calculated by the amount of Unemployed
Calculated by the amount of labor force
Calculated by the total population
16
Which of these are Included in GDP?
A Car from a American Dealership In America.
A car bought From a company that isn't American.
A car radio for a car that is going to be bought.
Social security that people pay throughout the year.
17
An advantage of a mixed market economy is that..
Lots of monopolies
Limited monopolies
Government is a monopoly
18
What do Saudi Arabia, Israel, and Turkey's economic systems have in common?
They are command
They are market
They are traditional
They are mixed
19
GDP Stands For
Gross Domestic Product
Gross Domestic Produce
Greatest Domestic Produce
Greatest Domestic Product
20
What is a benefit of Trade Barriers?
All Of the Above
Protecting Employment
National Secericty
Protecting Consumers
21
Identify the nation-state with the lowest GDP.
Azerbaijan
Lithuania
United States
Kazakhstan
22
Literacy Rates are…
Social Status
The percentage of people who are literate (able to read and write)
Government Standing
Wealth rates
23
Quota
Things in a country.
A limit placed to lower the amount of things that are sent to a country.
All of the above.
24
What is the OPEC?
Organic Power Experiment Cooperation
Organization of Peaceful Economic Collaboration
Organization of Petroleum Exporting Countries
Organization of Poverty Exploration Collaboration
25
What is a mixed economy
None of the above
an economy driven by country's individual citizens
an economy driven by country's individual citizens
an economic system combining private and public enterprise.
26
Tariff are.....
Taxes on all goods
Taxes on imported goods
Taxes on exported goods
27
What is Standard of Living?
All of the Above
How much money you make and how well you live
If you use things that are good for the earth or not
How healthy you are

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