In a traditional economy, who decides what to produce, how to produce, and for whom to produce?

The people decide based on customs, traditions, and habits.

Organization of Petroleum Exporting Countries

Why do most countries have a mixed economy?

It offers protection and fairness.

Which situation is likely to occur in a market economy?

There are few obstacles to starting businesses.

How does GDP and capital goods relate?

capital goods are needed to produce googds amd service

How does specialization help countries?

it focuses on a good or service in order to trade for their needs

How do literacy rates typically affect standard of living (SOL)?

If the literacy rate is low, the standard of living (SOL) is a low

to influence the price and supply of oil in world markets

What does GDP measure?

the value of all goods and service sold by a country for a certain time

What are capital goods?

whats used to produce products and services

Why are entrepreneurs important?

They create jobs that help economies become stronger.

How does the literacy rate usually affect the Standard of Living (SOL)?

higher literacy rate, equal higher standard of living

What is human capital?

The skills and experience possessed by people in a country

Which factor is MOST important when determining whether a country is a presidential or a parliamentary democracy?

the relationship between the executive and legislative branches

How would you compare GDP and human capital?

GDP represents products created by human capital

How does voluntary trade help the economies of South West Asia?

counties can trade for what they need

How has distribution of oil affected Southwest Asia?

Oil distribution has helped many economies in the Middle East

Which situation is likely to occur in a pure command economy?

The government sets production quotas for goods.

What is a Trade Barrier?

a restriction on international goods or services

studbud

Middle East Government and Economics Review 7th grade

30 termsStudBud Administration1,046 plays

7th Grade Economics and Government Quiz

Flashcards30 cardsFPractice quizPHost liveL

Questions 30

Answers

1
In a traditional economy, who decides what to produce, how to produce, and for whom to produce?
The people decide based on customs, traditions, and habits.
There are no economic decisions to make in this economy.
The government makes all decisions about goods produced.
Other countries decide what you produce.
2
What is OPEC?
Organization of Petroleum Exporting Countries
Oil and Petroleum Exporting Countries
Operation Petroleum Exports of Countries
Oil of Pakistan Exporting Countries
3
Why do most countries have a mixed economy?
Countries only have a mixed economy if they have a president.
So the government can have control.
Most countries do not have mixed economies
It offers protection and fairness.
4
Which situation is likely to occur in a market economy?
The government owns all businesses.
There are few obstacles to starting businesses.
The government sets production quotas for goods.
There are many obstacles to starting businesses.
5
How does GDP and capital goods relate?
capital goods are needed to produce googds amd service
They don't relate
The GDP is whats used to make capital goods
They are both measured by the government
6
How does specialization help countries?
It increases literacy rate and unemployment rates
it focuses on a good or service in order to trade for their needs
It does not help a country
It always increases a country's standard of living
7
How do literacy rates typically affect standard of living (SOL)?
If the literacy rate is low, the standard of living (SOL) is a low
They are only used in oil rich countries
One has no affect on the other
If there is a low literacy rate then there is a high SOL
8
What is GDP stand for?
Gaurd of Domestic Productions
Gross Domestic Product
General Domestic Product
Good Day People
9
Why was OPEC formed?
to stop oil production in the Middle East
to influence the price and supply of oil in world markets
to fight other oil importers and exporters
to see how much oil was being used around the world
10
What is an Embargo?
a ban on trade
a limit on goods and services from a country
a tax on imports and exports
unlimited trade
11
How is most of the oil in the Middle East exported?
By camels
By airplanes
By ships
By trucks
12
What does GDP measure?
how many crops are produced by a country
the value of all goods and service sold by a country for a certain time
how many stores a country has opned
Measures how many supplies a store needs
13
What are capital goods?
whats used to produce products and services
goods made by the government
Its the money made by farmers
It is the same as human capital
14
Why are entrepreneurs important?
They dont help at all.
They decided how the government is operated.
They create jobs that help economies become stronger.
They keep people from quitting their jobs.
15
What is entrepreneurship?
Starting a new business
Working for the government
a college educated person
a job in the Middle East
16
How does the literacy rate usually affect the Standard of Living (SOL)?
lower literacy rate means higher standard of living
higher literacy rate means lower standard of living
It has not affect
higher literacy rate, equal higher standard of living
17
What is human capital?
The people in a community who are working
The skills and experience possessed by people in a country
People working in an average year at the capital
People employed by businesses in a country
18
^{Government with a single ruler who has unlimited power,like a Dictatorship or Absolute Monarchy}
autocracy
anarchy
democracy
oligarchy
19
What is a Tariff?
A limit on goods coming to a country.
A ban on all trade with a country.
a penalty on a country who has human rights violations.
A tax on imported goods.
20
^{Which factor is MOST important when determining whether a country is a presidential or a parliamentary democracy?}
the relationship between the national and local governments
the relationship between the executive and legislative branches
the level of personal freedom enjoyed by citizens
the level of government control over the economy
21
How would you compare GDP and human capital?
GDP represents machines that human capital will use
GDP represents products created by human capital
There is no relationship between the two
GDP and human capital mean the same
22
Which country has an Absolute Monarchy (autocracy)?
Turkey
Iraq
Israel
Saudi Arabia
23
How does voluntary trade help the economies of South West Asia?
It has no effect on the economy
increases trade barriers in the economy
gives the government power over the economy
counties can trade for what they need
24
How has distribution of oil affected Southwest Asia?
It has had no effect on the Middle East
Oil distribution has weakened the economies of the Middle East
Oil distribution has helped many economies in the Middle East
Only Saudi Arabia has been impacted by oil distribution.
25
Which situation is likely to occur in a pure command economy?
The government sets production quotas for goods.
Economic decisions are made based on tradition
There is free trade between businesses.
There are strong private property protections.
26
Which is the BEST way to describe the economies of Turkey, Israel, Iran, and Saudi Arabia?
They are pure market ecomonies
They are traditional economies
They are pure command economies
They are mixed economies
27
In which country are women's rights more restricted because of the type of government? This country is 100% Muslim
Egypt
Turkey
Israel
Saudi Arabia
28
What is a Quota?
a ban on trade
a limit on goods imported
a tax on goods
a saying from a famous person
29
What is a Trade Barrier?
a restriction on international goods or services
voluntary trade used to decrease production of oil
a tax on goods and services that improve trade relations
a method used by businesses to increase trade
30
Which Southwest Asian country has a Parliamentary democracy?
Persian Gulf
Great Britain
Saudi Arabia
Israel

Middle East Government and Economics Review 7th grade Flashcards | StudBud