What to produce in the market economy?

Business owned by private citizens based on supply &demand

Exchange rates can be defined as.....

Value of a currency for the purpose of conversion to another

How does literacy rate affect standard of living

High literacy rate=High standard of living, Low literacy rate=Low standard of living

What is a trade barrier?

Blocks or inhibits international trade between countries

How to produce for market economy?

Businesses( owned by private citizens)

Who controls a market based economy?

The government has a limited role, and citizens deal with trade themselves

Percent of people over 15 years old that can read and write

What is an example of traditional economy

Barter of hunted prey used by Inuit tribe in northern Canada

A tax or duty to be paid on a particular class of imports or exports.

A level of material comfort, goods, services, and luxuries

Command Economy Meaning?

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

value of goods and services produced in a country over time.

How has Israel's lack of oil affected that country's economy?

The Israeli economy depends on technology.

Kuwait and Saudi Arabia have high GDPs from oil. Why is Kuwait’s GDP higher than Saudi Arabia?

Kuwait has a smaller population than Saudi Arabia

oil producing countries that control price/supply of oil

Why is currency exchange necessary for international trade?

A way is needed to pay for goods bought from countries with dif. currencies

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Unit 2 Review

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SS7E4, SS7E5, SS7E6

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Questions 40

Answers

1
Who has the comparative advantage in oil production?
Middle East
USA
Asia
South America
2
What happens when the supply is high and the demand is low?
The Prices tend to increase
Prices go crazy and have a party
You have the equlibram
The Prices tend to fall
3
Embargo is...
a limit on the amount of goods imported.
a tax on imported goods.
nothing.
government forbids trade.
4
What is GDP?
Gross Domestic Product
IDK
Domestic Gross Product
Gross Domestic Project
5
If the literacy rate of a country is low, what will the GDP and standard of living be like?
No effect
High
Low
6
Quota is...
a limit on the amount of goods imported.
nothing
government forbided trade.
a tax on imported goods.
7
A market economy is known as
socialism
communism
capitalism
consumerism
8
What is supply?
how many items the buyer can purchase
the amount of money the buyer has
how much of a product the market has to offer
total amount of products that the buyer and seller have combined
9
What type of economy does Saudi Arabia?
Mixed Market
Mixed Commend
Mixed
Mixed Command
10
What to produce in the market economy?
Government decides what will be produce.
shoes and clothe.
food and drinks.
Business owned by private citizens based on supply &demand
11
What type of economy does Israel have?
traditional
Mixed
Command
12
Exchange rates can be defined as.....
Money you change only when purchasing overseas items
Money you can sell to the bank
Value of a currency for the purpose of conversion to another
Money you can purchase from bank
13
Exchange rate of currency is the rate at which
Currencies are hoarded
Currencies are accumalated
Currencies are speculated
Currencies are exchanged
14
Who determines supply?
Sellers
Buyers
15
Currency
The used money in a country.
When you give people knowledge to be successful in life and succeed.
None of the above.
Current time.
16
literacy rate decreases, standard of living ____.
decreases
not affected
increases
stay the same
17
What happens when the Supply is low and the demand is high?
The price decreases
The price increaces
18
Israel has what type of economy?
Market
Mixed leaning towards command
Mixed leaning towards market
Traditional
19
Economy in Saudi Arabia
Hunting
Fishing
Oil based Economy
Agriculture
20
How does literacy rate affect standard of living
Low literacy rate=High standard of living
High literacy rate=High standard of living
High literacy rate=Low standard of living
Low literacy rate=Low standard of living
21
The cost of oil does what when OPEC limits production?
Up
Stays the same
Down
22
A SW Asian country with a high GDP and a high standard of living with economic growth, probably
has a lot of water
produces oil
has built dams
has many camels
23
What is a trade barrier?
Brings money out of the country
Decreases US security
Blocks or inhibits international trade between countries
Increases Net Exports
24
OPEC controls a supply of...
Money
Water
Oil
Gas
25
A mixed economy is a mix of which 2 economic systems?
Traditional and command
Market and socialist
Command and free-enterprise
Market and command
26
How to produce for market economy?
Businesses( owned by private citizens)
Government decides hoe to make them.
People follow their ancestors of how to produce it.
People in the village have a way to how to produce it.
27
Who controls a market based economy?
The government has a limited role, and companies run most of the economy.
The government has full control over the economy
Buisnesses have full control over the economy
The government has a limited role, and citizens deal with trade themselves
28
Literacy Rate
Babies that die per every 1000 birth
Percent of people over 15 years old that can read and write
Health issues like poverty and hunger
Amount of money that the person makes per year
29
What is an example of traditional economy
Hong Kong, Singapore, Australia and the United States
Soviet Union, China, North Korea and Cuba
Law of supply and demand
Barter of hunted prey used by Inuit tribe in northern Canada
30
Tariff
A tax or duty to be paid on a particular class of imports or exports.
A tax to be paid on public parks.
A tax to be paid on private schools.
A tax to be paid on property.
31
Standard of Living
Buying a box of pizza every 3 weeks
Living on the floor
Eating dirt
A level of material comfort, goods, services, and luxuries
32
Command Economy Meaning?
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
one in which someones central authority
33
GDP is...
value of goods and services produced in a country over time.
how much a single business produces in a period of time.
a country's unemployment rate over a period of time.
taxes payed by citizens over a specific period of time.
34
How has Israel's lack of oil affected that country's economy?
Israeli businesses use little oil to operate.
The Israeli economy depends on technology.
Israel has little industry due to their lack of oil.
The Israeli economy is built around large-scale farming.
35
Who determines demand?
Buyers
Sellers
36
Kuwait and Saudi Arabia have high GDPs from oil. Why is Kuwait’s GDP higher than Saudi Arabia?
Kuwait has a higher life expectancy rate than Saudi Arabia
Kuwait has a smaller population than Saudi Arabia
Kuwait distributes its wealth more evenly than Saudi Arabia
Kuwait sells more oil than Saudi Arabia
37
What has caused the rapid development of Saudi Arabia's economy?
Coal
Cranberrys
Diamonds
Oil
38
What is OPEC
a group of people that talk about oil
a group of people that want all the oil for themselves
countries that want to make all the profit
oil producing countries that control price/supply of oil
39
How are decisions made in a traditional economy?
government planners
custom and habit
combination of consumers and government planners
consumers and the market
40
Why is currency exchange necessary for international trade?
A way is needed to pay for goods bought from countries with dif. currencies
Most goods must be paid in U.S. dollars.
All currencies are worthless on the world market
The people buying goods want to be paid in gold and silver

Unit 2 Review Flashcards | StudBud