SW Asia Economy and Trade

Decisions in a market economy is based on:

• government

• customs and traditions

• supply and demand

• none of the above

In a command economy decisions are made by:

• government

• customs and traditions

• supply and demand

• none of the above

The majority of economies around the world are mixed economies.

• True

• False

 What does GDP stand for?

• General dollar product

• Gross disgusting product

• Gross domestic product

• General domestic product

What does GDP measure?

• The total value of good and services produced by a nation in a year 

• It measures government control of the economy 

• The total amount of imports into a country in a year

• Gross products companies make.

What is literacy rate?

• A fee paid on a loan.

• The number of people who can read and write.

• The number of people who are lit.

• Standard of living

What factors influence economic growth?

• Natural Resources

• Human Capital

• Physical Capital

• Entrepreneurship

• All of these

_________________occurs when one country can produce a good or service at a lower cost than another country.

• Currency exchange

• Embargo

• Specialization

• Tariff

A high literacy rate equals a ______ standard of living.

• low

• high

• medium

• some

Israel, Turkey, and Saudi Arabia all have which type of economy?

• Command

• Traditional

• Market

• Mixed