SW Asia Econ Quiz

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

• Tariff

• Quota

• Embargo

• Natural Barrier

An economic exchange in which all sides agree to participate because they expect to benefit.

• International Trade
• Voluntary Trade
• Economy
• Trade barrier

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

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

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

• NATO

• OPEC

• NAFTA

• The EU

Under which economic system does the government make almost all of the economic decisions?

• Command (Public)

• Market (Private)

• Traditional (Custom)

• Capitalist (Laws of Supply and Demand)

Why was OPEC created?

• To regulate the supply and price of oil

• To help the Palestinians in their problems with Israel

• To design new machinery to get oil out of the ground

• To keep countries that are not members from producing any oil

Specialization

• A limit on the amount of foreign goods that can come into a country. 
• Anything that slows downs or prevents one country from exchanging goods with another. 
• A tax placed on goods when they are brought into one country from another country. 
• Products a country makes best that are demand on the world market. 

An import is a

• Good/service brought into a country
• Good/service sent to another country
• Good brought into a country