SWA Economics

SWA Economics

by John Dye

Multiple Choice

What 3 economic questions are asked when studying the similarities of traditional, command, market, and mixed economies among nations of the world?

• What to produce, why to produce, when to produce?

• What is your opportunity cost, what economic resources are needed, why should these resources be used?

• What to produce, how to produce, and for whom to produce?

• What is your opportunity cost, why are economic resources needed, when should these resources be used?

Multiple Choice

In a traditional economy, how are economic decisions made?

• A mix of consumers and government leaders

• Customs and traditions

• Consumers

• Government leaders

Multiple Choice

In a command economy, Who makes all the decisions?

• A mix of consumers and government leaders

• Customs and traditions

• Consumers

• Government leaders

Multiple Choice

In a market economy, Who makes all the decisions?

• Government leaders

• Consumers

• Customs and Traditions

• A mix of consumers and government leaders

Multiple Choice

If there are no purely market or purely command economies, what is the term for most countries economies?

• Combined

• Blended

• Mixed

Multiple Choice

What percentage of free and command is Israel's economy?

• 70% Free/30% Command

• 40% Free/60% Command

• 50% Free/50% Command

• 60% Free/40% Command

Multiple Choice

Which of the following would reflect Israel’s mixed economy?

• Economic decisions are based on customs and beliefs of ancestors.

• The country’s distribution of resources is based on inheritance.

• Prices and wages are solely regulated by the country’s government.

• A combination of privately-owned businesses and government regulations.

Multiple Choice

Because Israel is a tourist destination, What industry would a high number of Israel's population work in?

• Farming

• Service

• Mining

• Technology

Multiple Choice

Having to build up what government group has created a strain on Israel's economy?

• Armed Forces/National Security

• Secret Service

• Land Services

• Forrest Rangers

Multiple Choice

Finding what natural resource in 1932, changed Saudi Arabia's economy from a traditional to a command economy?

• Gold

• Silver

• Oil

• Water

Multiple Choice

Saudi Arabia's modern economy has moved to a mixed economy, with what percentages of free/command?

• 66/34

• 68/32

• 64/36

• 65/35

Multiple Choice

Saudi Arabia has started selling shares of what industry to the public?

• Technology

• National Defense

• Oil/Petroleum

• Education

Multiple Choice

Private companies in Saudi Arabia still make few decisions about what?

• Price/Production

• Location

• Cost

Multiple Choice

Oil accounts for what percentage of Saudi Arabia's national income?

• 50%

• 65%

• 70%

• 75%

Multiple Choice

When Turkey's economy was started in 1923, what type of economy did it have?

• Market

• Command

• Traditional

Multiple Choice

Turkey now has a mixed economy, what is the percentage of free/command?

• 65/35

• 60/40

• 55/45

• 70/30

Multiple Choice

Even with a mixed economy, The Turkish government stills sets the price on what industry?

• Gas

• Technology

• Electricity

• Transportation

Multiple Choice

What organization has Turkey been trying to join?

• United Nation

• OPEC

• NATO

• European Union