Economics SWA Unit 5 Test Review

In which economic system do the people own all the resources and make all the economic decisions?

• Command

• Market

• Traditional

The economies of Israel, Saudi Arabia, and Turkey can best be described as:

• Mixed

• Market

• Command

______________ is the trading of one country’s currency to the currency of another country.

• Currency Exchange

• Bartering

• Importing

What does Israel specialize in?

• Fishing

• Technology

• Agriculture

Factories, machinery, and technology are examples of ______________

• Natural Resources

• Human Capital

• Capital Goods

Which country has a mixed economy in which the monarchy controls key resources (oil) and industries?

• Saudi Arabia

• Turkey

• Israel

• Iran

Which organization was created to regulate the supply and price of oil?

• NATO

• OPEC

• EU (European Union)

What is an important natural resource for Saudi Arabia’s economic growth?

• Fertile Soil

• Fish

• Oil

Skills, knowledge, and education of workers are examples of ___________.

• Human Capital

• Capital Goods

• Entrepreneurship

Countries ________ in producing goods or services they can produce at a lower cost than other nations.

• Trade

• Exchange

• Specialize