What are the three types of economic systems?
Unit 5 - Economy of SWA

Quiz
•
Social Studies
•
7th Grade
•
Medium
Erin Clary
Used 228+ times
FREE Resource
12 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
autocracy, democracy, theocracy
traditional, market, command
direct, parliamentary, presidential
direct, representative, democratic
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Since almost all economies have characteristics of market and command systems, most economies are known as...
mixed on the economic continuum.
traditional on the economic continuum.
free on the economic continuum.
oppressed on the economic continuum.
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which trade barrier is NOT correctly matched to its definition?
Quota: a limit placed on the amount of a product that can be imported
Tariff: a tax on an item that is imported
Sanction: a financial incentive paid by the government
Embargo: a ban on trading with another country
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is an example of specialization?
Saudi Arabia limits the amount of olives it imports from Turkey.
Iran refuses to export oil to Iraq due to the Sunni / Shia conflict.
Israel produces technology because it does not have many natural resources.
Turkey pays doctors a subsidy because there is a shortage of medical professionals.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The total value of all goods and services produced within a country during a year is known as...
Human capital or human resources
Capital goods or capital resources
Gross Domestic Product
Mixed Economy
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which economic term & definition are not properly matched?
human capital / human resources: the education, skills, and training people need to do their job
capital goods / capital resources: items such as factories, machinery, and technology that people need to do their job
currency: spending money to make a profit
standard of life: the quality of life based on necessities and luxuries that make life easier.
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following is an example of investment?
Saudi Arabia installs new drilling equipment in the Persian Gulf to obtain more oil supplies.
David exchanges his Israeli shekels (currency) for Iranian rials (currency) when he travels for business.
Turkey imports oil from Iran; Iran imports technology from Israel.
The Israelis refuse to export agricultural crops to the Palestinian Arabs.
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