SW Asia Economy

Front

What are the 3 basic economic questions that all economic systems must answer? Options: What to produce, how to produce it, and for whom to produce the goods, When to produce, why to produce, and how long to produce, To what extent to produce, how much to produce, why to produce, What to produce, why to produce, and how much to produce

Back

What to produce, how to produce it, and for whom to produce the goods

Front

The economies of Israel, Saudi Arabia, Turkey, and Iran could be best described as

Back

Mixed Market

Front

In a market economy, who makes the economic decisions? Options: subsistence farmers (grow just enough to feed family), custom and habit (do what ancestors did), government planners (public control), people (productions based on supply and demand)

Back

people (productions based on supply and demand)

Front

Which industry does Saudi Arabia's government specialize in? Options: Oil, technology, agriculture, textile manufacturing

Back

Oil

Front

If a country does not invest in its human capital, how can it affect the country's gross domestic product (GDP)?

Back

GDP may go down because poorly trained workers will not be able to do their jobs well.

Front

Which of these Southwest Asian nations has the MOST secure and reliable access to water? Iraq, Kuwait, Israel, Turkey

Back

Turkey

Front

In this economy, the government produces its signature brand of shoe-flavored chips and determines that it will be sold in all stores for $1.25 per bag. Which type of economy is this?

Back

Command Economy

Front

In this economy, manufacturers of automobiles control the number of vehicles produced each month in an effort to avoid surpluses that would minimize their profits.

Back

Market economy

Front

Why do countries need a system for exchanging currencies?

Back

To conduct international trade

Front

Israel has specialized in the area of technology because:

Back

It has few natural resources.