Southwest Asia Economics

Front

Specialization encourages trade between countries and allows one country to produce a good or service efficiently. True or False?

Back

True

Front

The discovery of this non-renewable resource moved Saudi Arabia's economy from traditional to command to now a mixed market. What is this resource? Hint- It is exported out of Saudi Arabia to the rest of the world!

Back

oil

Front

What could be one cause for high unemployment among young men in Iran due to their lack of skills?

Back

lack of investment in human capital

Front

An embargo means that I am trading only a few goods and service with a country that I have a conflict with.

Back

False

Front

Israel has a mixed market economy, this means they have small businesses opened and run by the citizens as well as government run businesses and regulations.

Back

True

Front

The government of Saudi Arabia decides to improve the gross domestic product of the country by investing in human capital. Which action will the government MOST LIKELY take? Options: establish currency exchange policies, increase trade barriers, invest in educational opportunities such as free tuition, purchase manufacturing equipment

Back

invest in educational opportunities such as free tuition

Front

Why is it important to have a system for exchanging currencies between nations?

Back

to encourage trade

Front

Which is a common role of entrepreneurs? Options: to help protect the environment, to start and run a business, to manage a school, to grow food

Back

to start and run a business

Front

Who takes a financial risk in starting a new business?

Back

Entrepreneur

Front

The number limit on how many items of a particular product can be imported from a particular country is the _______________.

Back

quota