Section 4: SS7E4

What type of economic system is predominant in Turkey?

• Pure command economy

• Mixed economic system

• Predominantly free market

• Oil-based economy

Which sector has the Turkish government prioritized for privatization?

• Tourism

• Healthcare

• Industry and growing sectors

• Oil-based sectors

What is the main basis of Saudi Arabia's economy?

• Tourism

• Oil

• Industry

• Agriculture

What do traditional economies rely on to determine what and how to produce goods?

• Market demand and supply

• Government economic plans

• Historical methods and practices

• International trade agreements

In a command economy, who typically develops the central economic plan?

• Independent businesses

• The government

• Consumers

• Foreign investors

What happens to the price of a product in a market economy when there is an undersupply and high demand?

• The price decreases

• The price remains stable

• The price increases

• The product is discontinued

What is the primary factor that drives a market economy?

• Government regulations

• Traditional customs

• Supply and demand

• Command decisions

In which type of economy is the government MOST LIKELY to set production quotas for certain goods?

• A command economy

• A market economy

• A mixed economy

• A traditional economy

Generally a "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