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Georgia 7th Grade economics and trade- SW Asia Flashcards | StudBud
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Georgia 7th Grade economics and trade- SW Asia
WHAT IS ECONOMIC SPECIALIZATION?
WHAT ARE CAPITAL GOODS?
Georgia 7th Grade economics and trade- SW Asia
28 terms
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SW ASIA ECONOMICS
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Questions
28
Answers
1
WHAT ARE CAPITAL GOODS?
Acquired skills
Money earned
Factories, Machinery, and Technology
Goods produced and sold
2
WHAT IS ECONOMIC SPECIALIZATION?
WHEN A COUNTRY PRODUCES ALL OF ITS NEEDS
TRADING WITHOUT USING MONEY
AVOIDING TECHNOLOGY
PRODUCING GOODS THAT A COUNTRY CAN PRODUCE MOST EFFICIENTLY
3
WELDERS, COMPUTER SCIENTISTS, ENGINEERS, PAINTERS ARE EXAMPLES OF ____________
COMPONENTS
ECONOMIC SYSTEMS
CAPTIAL GOODS
HUMAN CAPITAL
4
WHO MAKES THE DECISIONS IN A MARKET ECONOMY?
CONSUMERS AND PRODUCERS
GOVERNMENT PLANNERS
FARMERS
CUSTOM AND HABIT
5
TOOLS, MACHINERY, FACTORIES ARE EXAMPLES OF
CAPITAL GOODS
ECONOMIC SYSTEMS
NATURAL RESOURCES
HUMAN CAPITAL
6
WHICH OF THE FOLLOWING IS NOT ONE OF THE 3 ECONOMIC QUESTIONS?
HOW TO PRODUCE
WHEN TO PRODUCE
WHAT TO PRODUCE
FOR WHOM TO PRODUCE
7
HOW HAS ISRAEL MADE UP FOR THE LACK OF NATURAL RESOURCES?
DEVELOPED TECHNOLOGY
IMPORTED THE RESOURCES
INVADED OTHER COUNTRIES
TEXTILES
8
IF A COUNTRY INCREASES ITS LITERACY RATE, IT CAN EXPECT THEIR GDP TO ____.
GO UP
INCREASE FOREIGN TRADE
REMAIN THE SAME
GO DOWN
9
ISRAEL SPECIALIZES IN ------ TECHNOLOGIES.
TRANSPORTATION
COMMUNICATION
INDUSTRIAL
DEFENSE
10
When a country
DOES NOT
invest in human capital the result is........
People pay more taxes
People make more money
Its GDP goes up
Poorly trained workers & no increase in its GDP
11
WHEN OPEC LIMITS THE PRODUCTION OF OIL, WHAT HAPPENS TO THE PRICE?
GOES UP
NO EFFECT
STAY THE SAME
GOES DOWN
12
WHY DOES ISRAEL INVEST IN HUMAN CAPITAL?
To have better trained workers and increase their GDP.
To have less workers
To attract workers from other countries.
To stop oil production
13
WHAT INDUSTRY DOES THE SAUDI GOVERNMENT CONTROL?
SHIPBUILDING
AGRICULTURE
OIL
STEEL
14
WHAT KIND OF ECONOMY IS THE MOST COMMON?
TRADITIONAL
MIXED
MARKET
COMMAND
15
Why do countries associated with OPEC play a large role in world affairs?
They influence the price of oil.
They have superior economies.
They are good at technology
They don't
16
WHAT IS THE IMPORTANCE OF CURRENCY EXCHANGE?
It eliminates banks.
It makes goods cost less.
it makes good cost more.
It make international trade possible .
17
Most countries associated with OPEC are from _____________.
AFRICA
SOUTH AMERICA
ASIA
SOUTHWEST ASIA
18
What is Human Capital?
Money spent to educate and train workers.
Money earned by workers
Goods produced and sold
Taxes paid to the government
19
IF A COUNTRY DOES NOT INVEST IN ITS HUMAN CAPITAL, WHAT CAN THEY EXPECT THEIR GDP TO DO?
GO DOWN
REMAIN CONSTANT
NO EFFECT
GO UP
20
HOW DOES THE SAUDI KING USE THE PROFITS FROM OIL?
ENDED UNEMPLOYMENT
USED TO INVEST IN TECHNOLOGY
MONEY IS DISTRIBUTED TO PEOPLE
USED TO BUY REAL ESTATE
21
AN ENTREPRENEUR DOES ALL OF THE FOLLOWING
EXCEPT.
CAUSES BASIC PROBLEMS WITH THE ECONOMY
CREATES JOBS
CREATES NEW BUSINESSES
HELPS INCREASE GDP
22
WHAT IS AN EMBARGO?
HALT TO TRADE
LIMIT ON IMPORT
TAX ON IMPORTS
TAX ON EXPORTS
23
WHAT IS THE PURPOSE OF OPEC?
STOP THE PRODUCTION OFOIL
FAIRLY DISTRIBUTE OIL
DESIGN MACHINERY FOR OIL FIELDS
REGULATE THE SUPPLY OF OIL
24
WHICH OF THE FOLLOWING WOULD BE A PROBLEM FOR SOMEONE IN A COMMAND ECONOMY?
STARTING A NEW BUSINESS
WORKERS FORCED TO DO JOBS THEY DON'T LIKE
GOVERNMENT PLANNERS SETTING PRICES
COUNTRIES NEEDS ARE FIRST
25
WHAT IS A QUOTA?
TAX ON IMPORTS
TAX ON EXPORTS
HALT TO TRADE
LIMIT ON AMOUNTS OF A PRODUCT BE IMPORTED
26
HOW HAS THE LACK OF OIL EFFECTED ISRAEL?
HAS HAD NO EFFECT
THEY FOCUSED ON TECHNOLOGY
THEY HAVE NO INDUSTRY
THEY DEPEND ON FARMING
27
WHAT IS A TARIFF?
LIMITS IMPORTS
TAX ON GOLD
TAX ON IMPORTS
HALT TO TRADE
28
WHO TAKES THE FINANCIAL RISK WHEN STARTING A NEW BUSINESS?
CONSUMERS
The entrepreneur
GOVERNEMENT
PLANNERS
