Unit 3 Southwest Asia Economics Review Questions

What is the biggest factor or factors affecting the answers to these questions in a command economy?

• A. popular votes

• B. custom and habit

• C. supply and demand

• D. government planning

. What is the biggest factor or factors affecting the answers to these questions in a market economy?

• A. popular votes

• B. custom and habit

• C. supply and demand

• D. government planning

3. What is the biggest factor or factors affecting the answers to these questions in a traditional economy?

• A. popular votes

• B. custom and habit

• C. supply and demand

• D. government planning

5. In order to strengthen its economy, the Saudi government has been pursuing economic policy goals

encouraging

• A. collectivization.

• B. diversification.

• C. industrialization.

• D. specialization

6. Select the correct phrase to complete the statement.

The main weakness of Saudi Arabia's economy is that it is .

• A. isolated by sanctions by other countries

• B. isolated by protectionist barriers to trade

• C. largely dependent on foreign aid

• D. largely dependent on a single resource

7. Since the 1980s, Turkey has been moving from a government-directed economy toward more private ownership. Turkey

is moving toward a answer choice economic system.

• mixed

• command

• socialist

• traditional

8. What would happen if the Organization of the Petroleum Exporting Countries decided to produce less oil?

• A. The demand for oil would decrease

• B. The supply of oil would increase

• C. The price of oil would increase

• D. The quality of oil would decrease.

If the Organization of the Petroleum Exporting Countries reduced its oil production target, the MOST LIKELY result would

be that answer choice .

• tariffs on oil would increase

• tariffs on oil would decrease

• prices for oil would increase

• prices for oil would decrease

10. Which of the following is NOT a typical reason that a country would impose tariffs?

• A. to protect domestic employment

• B. to help the country's industries compete

• C. to raise money for government programs

• D. to prevent the exhaustion of natural resources

11. Which of the following BEST explains the need for a monetary exchange system to in Southwest Asia?

• A. Most nations in the region do not engage in international trade.

• B. Each nation in the region specializes in a different industry.

• C. Most nations in the region rely on natural resources.

• D. Each nation in the region uses its own form currency