Economics of SW Asia-7thSS

A tax placed on goods coming into a country from another country is known as

• A tariff

• A quota

• An embargo

• A natural trade barrier

A limit to the number or amount of a foreign produced good that is allowed into the country is known as

• A tariff

• A quota

• An embargo

• A natural trade barrier

A formal halt to trade with a particular country for economic and political reasons is known as

• Tariff

• Quota

• Embargo

• Natural Barrier

Which term is necessary for international trade?

• embargo

• interdependence

• currency exchange

• human capital

Businesses/citizens make economic decisions, but the government regulates them to make sure they're safe/fair.

• Mixed

• Traditional

• Command

• Market

An undeveloped economy in which customs and habits from the past determine how decisions will be made; may be found in rural areas with high levels of subsistence farming and rely on barter rather than currency.

• Mixed
• Traditional
• Economy
• Market

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?

• Traditional Economy
• Market Economy
• Mixed Economy
• Command Economy

Why do countries need a system for exchanging currencies?

• To assist economic growth

• To encourage business loans

• To conduct international trade

• To support commercial treaties

Why do most economies in the world today operate somewhere in between a market economy and a command economy?

• Most consumers want government control of the economy.
• Government control makes a market economy more profitable.
• Government control of some aspects of the economy has never been successful in the modern world.
• Most economies have found they need a mix of free market and some government control to be successful and protect consumers.

Kuwait, Saudi Arabia, and Iran all belong to which international organization?

• NATO

• OPEC

• NAFTA

• The EU