Leftwich 7th Grade SWA Econ Study Quiz

1. In Abdul’s country the government makes most of the economic decisions and consumer choice and entrepreneurship is limited. The economic system in Abdul’s country is most likely

• Traditional

• Command

• Market

• Pure

Which of the following groupings are trade barriers

• exports, imports, surpluses

• goods, services, subsidies

• tariffs, quotas, embargoes

• free trade, deficits, globalization

1. How does specialization make trade between countries more efficient?

• A. By focusing on what they are good at doing, countries can have more total goods and services.

• B. By producing all the goods and services needed for its growth, a country will not need to trade with other countries.

• C. It eliminates trade barriers that countries have put into place to gain economic advantages over other countries

• D. Specialization has no impact on the types of goods and services a country products for its consumers.

What is NOT one of the three basic questions of economic systems?

• A. For whom will it be produced?

• B. When will it be produced?

• C. How will it be produced?

• D. What will be produced?

Which of the following organizations did Iraq, Iran, Kuwait, Saudi Arabia, and Venezuela found together?

• the International Trade Organization

• the Economic Cooperation Organization

• the Organization of Petroleum Exporting Countries

• the Organization for Economic Co-operation and Development

The government controls everything in this type of economy.

• market

• mixed

• traditional

• command

How does the Organization of the Petroleum Exporting Countries (OPEC) achieve its goal of stabilizing the worldwide price for oil?

• A. by setting member production quotas to lower the overall supply of oil

• B. by purchasing most of the oil available on the market from nonmembers

• C. by arranging exclusive contracts with private and nationalized oil companies

• D. by using its vote on the United Nations Security Council to set acceptable prices

Generally, "mixed economy" means an economy that

• has both command and market elements.

• relies on the use of currency as well as bartering.

• relies only on supply and demand to determine production.

• has a large industrial sector and a large agricultural sector.

What type of economy do MOST Southwest Asian nations have?

• mixed economy

• traditional economy

• pure market economy

• pure command economy

Enes lives in Turkey. He travels to China for business. When he arrives, he visits a small restaurant. What will Enes need to do before he is able to purchase a meal?

• pay a specified fee to Chinese government officials

• exchange his Turkish money for Chinese money

• find a job in China in order to earn Chinese money

• file paperwork to become a temporary Chinese citizen