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2021 SWA Econ Flashcards | StudBud
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2021 SWA Econ
2021 SWA Econ
22 terms
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Flashcards
22 cards
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Questions
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Answers
1
Which country has invest the most in capital goods?
Iran
Syria
Israel
Iraq
2
Where would most countries fall in the continuum?
Pure Market
Pure Command
Anywhere between 1 and 2
Mr. V is the one and true answer
3
What is the impact of OPEC in the world?
Saudi Arabia's King force everyone to sell oil
The world depends on OPEC for oil
Trying to reduce poverty and starvation
OPEC imports oil
4
Which country has invested the most in human capital?
Israel
Saudi Arabia
Turkey
Iran
5
What is specialization?
When a country is a traditional economy
When a country focus on one good or service
When a country is self-efficient
When they focus on Mr. V's
6
How do mixed economies reflect both command and market economies?
Large and Small Businesses
Consumers and producers
Public and Private sectors
They both believe in Mr. V's acting career
7
What is a mixed command economy?
It is based on Trade and Barter
A mixed Command has less economic freedom
A mixed market has more economic freedom
Mr. V mixing tacos up
8
What elementary school did Mr. V attend?
Baldwin Elementary
Chase Street Elementary
Oglethorpe Elementary
Norcross Elementary
9
Which is a result of a country investing in human capital?
GDP will decrease because the cost of investing in human capital
GDP will stay the same because human capital does not affect it.
Mr. V Toe warming socks will sky rocket
GDP will increase because educated workers will be more productive.
10
How are countries benefiting from oil production in SWA?
The increase of GDP and standard of living.
Only Israel has benefited from oil
The decrease in GDP and standard of living
They have invested in Mr. V's education
11
Why does specialization encourage voluntary trade?
Countries trade with other countries that make the same products
Countries produce all the goods that they need
to get closer to Mr. V's toe warming socks
Countries produce what they make best, and they trade to meet their needs.
12
What are the 3 P's of OPEC?
Production Petroleum Product
Price Production Petroleum
Pen Paper Pencils
Price Production Pets
13
How do the economies of S.A, Israel, and Turkey compare?
All are pure command
Restrict entrepreneurship and limited economic freedom
Allow Entrepreneurship and more economic freedom
They all support Mr. V's Rap career
14
Which economy would entreprenuers be the most successful?
Mr. V's classroom
Mixed Market
Mixed Command
Pure Command
15
What do all trade barriers have in common?
To encourage citizens to buy international products
to give everyone economic freedom
They are all trying to stop Mr. V mix tape
To encourage citizens to buy domestic products
16
Why do nations use currency exchange to trade?
countries do not want fair trade or get paid in there own currency.
To increase tariffs
allows countries to get paid in their own currency and fair trade
To support Mr. V
17
How is Turkey's economy different from Iran?
Turkey has more government regulation than Iran
Turkey depends on agriculture
Turkey has less government regulation than Iran
Turkey depends on oil
18
How do entreprenuers help economies?
To reduce the exporting of oil
By selling Mr. V's toe warming socks
By creating on product
Diversifying the economy
19
What is a traditional economy?
Government control
Mr. V toe warming socks
Supply and Demand
Trade and Barter
20
How do entrepreneurs benefit the economy?
They provide services for the government and improve national security.
Mr. V's toe warming socks are the answer to all the problems
They start new businesses, and they create employment opportunities.
They increase their country’s level of investment in human capital.
21
Why does international trade require a system for exchanging currency?
The currency of every country has the same value.
The currencies of countries have different values
Most countries do not use currency; they only barter for trade.
All countries must trade in United States dollars.
22
Why do countries trade?
Not every country can produce every good and service.
Every country is self-efficient
countries can force other changes to trade
to fight over Mr. V
