Why do most countries in the world today fall somewhere between a market and a command economy?

Most countries have found they need a mix of free market and government control to be successful.

Some government control has never been successful.

Government control always makes a market economy more profitable.

Most consumers prefer government control to free market.

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, how to produce, and for whom to produce?

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

What is ‘specialization’?

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

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

Directly trading goods with another country without having to use money

Why was OPEC created?

To regulate the supply and price of oil

To design new technology for getting oil out of the ground

To keep non-members from producing any oil

To help Palestinian Arabs with problems with Israeli Jews

The relationship between the literacy rate and standard of living in Southwest Asia is _________.

The higher the literacy rate the higher the standard of living.

Literacy rate has no affect on the standard of living.

The standard of living is independent of literacy rate.

Low literacy rate creates a higher standard of living.

Why is it important for a country to invest in human capital?

A country’s economy is more successful when workers have a good education and health care.

A country needs money in order to pay its workers.

Workers enjoy getting extra training and job opportunities.

Businesses cannot do all the training needed by workers to be successful.

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

A diversified 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.

Why is specialization so valuable to international trade today?

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

Most countries only make one product really well.

It keeps the prices low on imported goods.

It limits the amount of agriculture a country allows.

What is a main reason for people to exchange currency?

to buy and sell goods and services with other countries

to use American dollars to trade

to make more money by trading currencies

In a market economy, who makes the economic decisions?

people (productions based on supply and demand)

subsistence farmers (grow just enough to feed family)

custom and habit (do what ancestors did)

government planners (public control)

If a country does not invest in its human capital, how can it affect the country's gross domestic product (GDP)?

GDP may go down because poorly trained workers will not be able to do their jobs well.

Investment in human capital has little effect on the GDP.

Most workers want to keep their jobs and do not care about the GDP.

GDP is only affected if workers pay for the investment out of their own pocket.

Israel has specialized in the area of technology because:

It has a poorly educated population.

The money earned is used to support the military.

The country has little in the way of fishing.

How are economic decisions made in a traditional economy?

A mix of consumers and government leaders

One of the biggest problems with state-run oil industries is:

poor organization and inefficiency

Southwest Asia Economy

Authored by Brandon Cheek

Geography

7th Grade

CCSS covered

Used 28+ times

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34 questions

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MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Adolf Dassler was the founder of the German sportswear company Adidas. His brother Rudolf founded Puma. Both of these Germans are examples of which factor of production?

capital goods

human capital

natural resources

entrepreneurship

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The United Kingdom has large deposits of coal, petroleum, natural gas, iron ore, lead, zinc, and gold. The country will use these items to create products to sell. Which factor of production is being used to increase the GDP?

capital goods

human capital

natural resources

entrepreneurship

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

In Country B, the government has offered incentives to companies that invest in improved technology and machinery in their factories. What factor of economic growth is the country working to improve?

capital goods

human capital

natural resources

entrepreneurship

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

In Country A, the government has offered incentives to companies that invest in continuing education and training for their employees. What factor of economic growth is the country working to improve?

capital goods

human capital

natural resources

entrepreneurship

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

According to an article in The Moscow Times from 2015, “Russia came first in the world for its rate of primary school completion, 10th for secondary education and 13th for post-secondary education.” This shows that Russia is investing in which factor of production?

capital goods

human capital

natural resources

entrepreneurship

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Russia has a high literacy rate (99%), just like United Kingdom and Germany. However, the GDP of Russia is lower than that of United Kingdom and Germany. Which factors of production could Russia invest in to increase their GDP? (you will select more than one)

capital goods

human capital

natural resources

entrepreneurship

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

People that are willing to take risks and start new businesses or invent new items help to stimulate their countries economies. What factor of production does this represent?

capital goods

human capital

natural resources

entrepreneurship

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Southwest Asia Economy

Adolf Dassler was the founder of the German sportswear company Adidas. His brother Rudolf founded Puma. Both of these Germans are examples of which factor of production?

The United Kingdom has large deposits of coal, petroleum, natural gas, iron ore, lead, zinc, and gold. The country will use these items to create products to sell. Which factor of production is being used to increase the GDP?

In Country B, the government has offered incentives to companies that invest in improved technology and machinery in their factories. What factor of economic growth is the country working to improve?

In Country A, the government has offered incentives to companies that invest in continuing education and training for their employees. What factor of economic growth is the country working to improve?

According to an article in The Moscow Times from 2015, “Russia came first in the world for its rate of primary school completion, 10th for secondary education and 13th for post-secondary education.” This shows that Russia is investing in which factor of production?

Russia has a high literacy rate (99%), just like United Kingdom and Germany. However, the GDP of Russia is lower than that of United Kingdom and Germany. Which factors of production could Russia invest in to increase their GDP? (you will select more than one)

People that are willing to take risks and start new businesses or invent new items help to stimulate their countries economies. What factor of production does this represent?

Who takes a financial risk in starting a new business?

The number limit on how many items of a particular product can be imported from a particular country is the _______________.

Why do most countries in the world today fall somewhere between a market and a command economy?

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