Tariffs and quotas are alike because they both __________________.

restrict or limit trade between countries.

completely stop trade between countries.

increase trade between countries.

make trading a lot easier between countries.

Which of the following would look most like Israel’s mixed economy?

A combination of privately-owned businesses and government regulations.

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

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

Economic decisions are based on customs and beliefs of ancestors.

Middle East Economies 21-22

Authored by Kevin Walls

Geography

7th Grade

Used 253+ times

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15 questions

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MULTIPLE CHOICE QUESTION

15 mins • 1 pt

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 QUESTION

15 mins • 1 pt

What is ‘specialization’?

Producing all goods that the country needs so that trade with other countries isn’t necessary

Trying to avoid investing in capital goods because it’s too expensive

Producing goods a country can make most easily so that they can trade for goods that they can’t produce locally

Directly trading goods with another country without having to use money

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Why is specialization so valuable to international trade today?

Most countries only make one product really well.

Specialization allows people to do a more efficient job at producing what they make best and trade for the things they need.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Saudi Arabia specializes in the production of:

Oil and olives

Olives and grapes

Oil and natural gas

Livestock

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

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

Traditional

Command

Market

Mixed

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

In a traditional economy, how are economic decisions made?

Government leaders

Consumers

Customs and traditions

A mix of consumers and government leaders

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

What is the definition of Gross Domestic Product (GDP)?

The total value of all the goods and services a country produces in a year

The total value of all goods imported within a year

The total value of taxes collected in a year

The total value of all goods produced by entrepreneurs in a year

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Middle East Economies 21-22

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

What is ‘specialization’?

Why is specialization so valuable to international trade today?

Saudi Arabia specializes in the production of:

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

In a traditional economy, how are economic decisions made?

What is the definition of Gross Domestic Product (GDP)?

Which Southwest Asian country’s businesses are under the LEAST amount of government control?

Tariffs and quotas are alike because they both __________________.

If Saudi Arabia’s government puts a limit on how much Israeli Dead Sea salt it will import this year, what trade barrier is this?

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