Middle East Economy Review Basketball

Who makes all the economic decisions in a command economy? A. ancestors B. government C. consumers D. entrepreneurs

B. government

Which describes how MOST countries around the world answer basic economic questions? A. Most countries are pure market economies. B. A mixture of traditional and market economies. C. Most countries are pure command economies. D. A mixture of command and market economies.

The customs and traditions of your ancestors determine economic decisions in what type of economy? A.Command B.Market C.Mixed D.Traditional

An economic system based on individual choices and voluntary trade. A.Traditional B.Market C.Command D.Mixed

B. Market

According to the normal relationship, if Iran decided to invest several billion dollars in education and training how would their GDP / standard of living likely be affected? A. It would increase B. It would not change C. It would decrease D. It would depend on other factors

A. It would increase

Iran and Saudi Arabia’s economies are both based on the export of what natural resource? A.Water B.Iron Ore C.Oil D.Diamonds

C. Oil

A person with an idea and ability to put together productive resources to produce a good or service. A.Human Capital B.Entrepreneur C.Specialization D.Tariff

B. Entrepreneur

Which country has an economy which is mixed closer to market? A.Israel B.Turkey C.Saudi Arabia D.Iran

A. Israel

Which is not a capital good? A.Factory B.Education C.Technology D.Machinery

B. Education

Country Per Capita GDP Israel$28, 300 Saudi Arabia$20,500 Iran$12,800 Using the table above, which country has the highest standard of living? A. Iran B. Saudi Arabia C. Israel D. They are all equal.

C. Israel

Dividing the Gross Domestic Product (GDP) of a country by the population gives you the _______. A.Exchange Rate B.Per Capita GDP C.The number of jobs D.The amount of money every citizen earns in a year

B. Per Capita GDP

Which is not an example of human capital? A.Education B.On the job training C.Skills the worker has D.Delivery Truck

What makes it possible to buy and sell goods between nations with different types of money? A.Exchanging Currency B.Tariffs C.Quotas D.GDP

A. Exchanging Currency

_____ occur when trade is completely blocked or stopped between 2 countries. A.Tariffs B.Quotas C.Embargos D.Specialization

C. Embargos

Which is not a trade barrier? A.Tariff B. Quota C. Natural Resources D. Embargo

C. Natural Resources

Iran and Saudi Arabia’s economy is A. is mixed closer to command. B. is mixed closer to market. C. a traditional economy. D. is a pure market economy.

A. Is mixed closer to command.

Why are oil and natural gas valuable resources around the world? A. Large deposits of oil are found in most countries. B. Oil and natural gas are renewable resources. C. Industrial nations depend on oil and natural gas as their energy supply. D. Oil and gas are the only source of energy used around the world.

C. Industrial nations depend on oil and natural gas as their energy supply.

Which country does not export oil? A.Iran B.Saudi Arabia C.Iraq D.Israel