stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Unit 5 Economics Test Review Flashcards | StudBud
Explore
/
Unit 5 Economics Test Review
Unit 5 Economics Test Review
30 terms
·
StudBud Administration
·
723 plays
Economics of Southwest Asia #economics
Flashcards
30 cards
F
Practice quiz
P
Host live
L
Questions
30
Answers
1
Jordan limits the amount of fruit that comes into the country from Syria. This is an example of
quota
embargo
tariff
2
How does a mixed economy determine who to produce goods and services for?
the government controls distribution
the customer that will buy it, but the govt will make rules
the customer that will buy it
3
A woman brings together capital, natural and human resources to start an auto-repair business.
entrepreneurship
human capital
capital good
4
A carpenter buys lots of wood from a lumber yard. The wood is an example of
entrepreneurship
natural resources
capital goods
5
The study of how people manage their resources by exchanging, or using goods and services
entrepreneurship
economics
specialization
6
OPEC’s mission is
to increase the use of petrochemicals
to lower the cost of oil
setting the price of oil by controlling production of oil
7
To protect industries in their own nation from foreign competition. A govt would best:
start an embargo
impose a tariff
lower their GDP
8
How does a command economy determine how to produce?
done the same way as the generations before
government owns the means of production
businesses own the resources but the govt sets standards
9
Which of the following is NOT one of the reasons why specialization encourages trade?
you can make everything you need in your own country
products are produced faster and better quality
greater variety of products
10
Technology is not used or important.
market economy
traditional economy
command economy
11
A baker buys a new oven to support his custom cake business. The oven is an example of
natural resource
capital good
entrepreneurship
12
Cut diamonds are a major export of Israel. This trade in diamonds is made much easier by
A system to exchange currency between countries.
Trading only with countries that have the same currency.
Use of a world wide currency.
13
The total measure of wealth created in one country in one year is called
per-capita GDP.
GDP.
TLC.
GPD.
14
If a country has a high literacy rate, what kind of jobs would we typically find there?
fast food workers
engineers and architects
ditch diggers
15
People, competing to make a profit, answer the 3 economic questions.
traditional economy
market economy
command economy
16
There is no competition between businesses.
market economy
traditional economy
command economy
17
Factories are concerned about quotas, not profits.
market economy
command economy
traditional economy
18
Why do you sometimes WANT the government to control some of the economy?
To kill entrepreneurship
To reduce the GDP
To protect consumer and worker safety.
19
Why is OPEC powerful?
OPEC opposes embargoes
OPEC has the most powerful military on earth.
OPEC countries control a large part of the world oil supply.
20
The letters in OPEC stand for
Oil Pricing and Extraction Council
Oil Price Evaluation Committee
Organization of Petroleum Exporting Countries
21
This oil extraction technique has made it possible for the U.S. to produce a lot more oil.
hydraulic fracking
reverse osmosis
forward osmosis
deep sea drilling
22
What kind of economy does Turkey have?
pure command
more market than command
pure market
23
How would a country invest in capital goods?
Educating and training citizens.
.Mine more diamonds and coal
Build more roads and bridges.
24
What you produce depends on what the government needs.
traditional economy
market economy
command economy
25
To help U.S. corn farmers, the govt charges $.54 per gallon for ethanol imported from Brazil.
tariff
quota
embargo
26
Israel invests heavily in schools, hospitals, and colleges. Because of this, we would expect
the unemployment rate to be high
the standard of living to be high
people to leave the country in search of jobs
27
Individuals can choose their own job.
traditional economy
market economy
command economy
28
How does a mixed economy determine what to produce?
the government decides what to produce
the customer decides what to produce
people decide what to produce, but the government regulates
29
In some countries, business and industry are owned by the government. This is:
command
traditional
market
mixed
30
When a product is sent out of a country through trade, it is called an
exchange rate.
import.
export.
