Why are most modern economies referred to as mixed economies?

Most countries have all three economic types in the econmony

What is an entrepreneur?

someone willing to take a risk to start a new business

What is human capital?

skills and education workers have

How long does the monarch of Saudi Arabia rule?

until he dies or gives up power

Why do most economies in the world operate in between a market economy and a command economy?

a mixture of both is needed to be successfu

If a country does not invest in its human capital, how can it affect the country's GDP?

GDP goes down because untrained workers can't do their jobs

What is a weakness of a confederation government system?

Power of central govs is totally controlled by local govs

Why have the Israelis made a big investment in human capital?

Depend on advanced technology so need well-trained workers

Which of the following would be a problem in a command economy?

workers forced to do jobs they did not care to do

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Economics Review

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Questions 23

Answers

1
The economies of Israel, Saudi Arabia, Turkey, and Iran could best be described as...?
traditional
mixed
command
market
2
What role do religious leaders play in the Israeli government?
they can't run for office
they control who's elected
they have some influence
3
In a market economy, who makes the economic decisions?
government planners
consumers and the market
farmers
custom and habit
4
When OPEC produces more oil what happens to the price of oil on the world market?
goes down
goes up
stays the same
5
In a confederation government system, most of the power is in the hands of the...
local governments
central government
legislature
individual voters
6
Which of the following countries would be a good example a a unitary government?
Saudi Arabia
the United States
Israel
Lebanon
7
In a traditional economy, how are economic decisions made
consumers and the market
custom and habit
governement planners
combination of consumers and government planners
8
Where are most of the OPEC countires located?
Southwest Asia
Africa
South America
North America
9
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
10
In a command economy, how are economic decisions made?
consumers and the market
combination of consumers and government planners
custom and habit
government planners
11
Why are most modern economies referred to as mixed economies?
Traditional products have no markets in the modern world.
Poverty is always highest in countries with market economies
Most countries have all three economic types in the econmony
Government planners don't know how to handle economic issues
12
What is an entrepreneur?
people who save their money
business people who don't risk their money
someone who is always sucessful
someone willing to take a risk to start a new business
13
What is human capital?
skills and education workers have
the amount of goods sold in foreign trade in a year
money paid to workers for producing goods
taxes collected from a country's workers
14
How long does the monarch of Saudi Arabia rule?
a term of ten years
until he dies or gives up power
one elected term
as long as parliament allows him
15
Why do most economies in the world operate in between a market economy and a command economy?
most consumers want government control
government control has never been successful
a mixture of both is needed to be successfu
government control makes a market more profitable
16
In a unitary government system, most of the power is in the hands of the...
king and advisors
individual voters
local governments
central government
17
Which is NOT an example of a confederation?
the United Nations
OPEC
the United States
18
The Israeli parliament is called...?
Senate
Congress
Knesset
House of Representatives
19
Saudi Arabia is rules by a...
king
representative government
group of leading religious leaders
popularly elected president
20
If a country does not invest in its human capital, how can it affect the country's GDP?
GDP only changes if workers have to pay for training
GDP goes down because untrained workers can't do their jobs
workers want to keep their jobs and don't care
has little effect
21
What is a weakness of a confederation government system?
power isn't shared with members
a confederation is very expensive
Power of central govs is totally controlled by local govs
they're too large to rule effectively
22
Why have the Israelis made a big investment in human capital?
their main industry is the oil industry
investing in human capital takes very little money
Depend on advanced technology so need well-trained workers
they have to bring in workers from other countries
23
Which of the following would be a problem in a command economy?
individuals trying to start a new business
local crafts produced before manufactured goods
government planners set prices for goods produced
workers forced to do jobs they did not care to do

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