SW Asia Econ Test Review

John grows enough crops to support his family and trades with his neighbor to get milk. John most likely resides in which economic system?

• Market

• Command

• Traditional

• Mixed

Which statement is true below?

• Turkey specializes in oil (petroleum).

• Saudi Arabia specializes in oil.

• Turkey is dependent on Saudi Arabia to provide citizens clothing.

• Saudi Arabia is dependent on Turkey for oil.

The United States plans to purchase oil from Saudi Arabia. What is needed in order for this international trade to occur?

• subsidies

• sanctions

• specialization

• exchange rate

Monica lives in a country that provides her education and healthcare. What else is most likely true for this country?

• The country has a high unemployment rate and low literacy rate.

• The people are malnourished because the country ran out of money for food.

• The country has a high GDP and its citizens enjoy a high standard of living.

• The citizens' GDP per capita is higher than the GDP.

Country A has mostly privately owned businesses although the government owns most of the agriculture. Country A is most likely which country?

• Israel

• Saudi Arabia

• Turkey

• Iran

How do Saudi Arabia and Turkey compare?

• Both are mixed command

• Saudi Arabia is command while Turkey is market.

• Both are mixed market

• Turkey has less private control than Saudi Arabia.

What country would be the least favorable for entrepreneurship?

• Israel

• Turkey

• Saudi Arabia

• Iran

The citizens of Jubilee are enjoying a degree of wealth and material comfort. What attributes to Jubilee's high standard of living?

• A recent cut back in the language arts departments within schools.

• Government investments in infrastructure

• Decreased government spending on healthcare

• Jubilee's President funding philanthropic adventures.

Predict what country does NOT specialize in oil extraction?

• Saudi Arabia

• Iraq

• Syria

• Turkey

"In 1976, when Steve Jobs was just 21, he and Steve Wozniak started AppleComputer in the Jobs' family garage. They funded their venture by Jobs selling his Volkswagen bus and Wozniak selling his beloved scientific calculator."

https://www.biography.com/people/steve-jobs-9354805

Question: Jobs and Wozniak are examples of what type of risk-takers?

• Engineers

• Entrepreneurers

• Economists

• Specializers