1. Middle East Economy Review Basketball

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

3. B. government

4. 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.

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

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

9. B. Market

10. 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

11. A. It would increase

12. 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

13. C. Oil

14. 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

15. B. Entrepreneur

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

17. A. Israel

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

19. B. Education

20. 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.

21. C. Israel

22. 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

23. B. Per Capita GDP

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

26. 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

27. A. Exchanging Currency

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

29. C. Embargos

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

31. C. Natural Resources

32. 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.

33. A. Is mixed closer to command.

34. 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.

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

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