SWA Economics

What the currency of a nation is worth in terms of another country’s currency

• Tariff

• Quota

• Currency

• Exchange Rate

A tax on imported goods

• Tariff

• Quota

• Currency

• Exchange Rate

Something that is assigned value and can be used to purchase goods

• Tariff

• Quota

• Currency

• Exchange Rate

Limits on the amount of a good that can be imported into a country

• Tariff

• Quota

• Currency

• Exchange Rate

When countries focus on producing goods and services with the resources they have, and trade with other countries to get the products they don’t have

• Tariff

• Specialization

• Currency

• Exchange Rate

When a country refuses to trade at all with another country

• Embargo

• Specialization

• Quota

• Tariff

Which country has the most diversified economy?

• Iraq

• Turkey

• Saudi Arabia

• Israel

Which economy has the MOST government involvement?

• Saudi Arabia

• Iraq

• Turkey

• Israel

Which economy has the LEAST government involvement?

• Saudi Arabia

• Iraq

• Turkey

• Israel

Turkey, Israel, and Saudi Arabia ALL have _________ economies.

• Market

• Command

• Mixed

• Traditional