Unit 4 Government and Economy of SWA Review

Decentralized decision making. · Adjusts to changes in the market place. · Producers and consumers have control of the economy. All of these are characteristics of a ___ economy

• command

• market

• traditional

• socialist

As one of the factors of production/productive resources, capital can be defined as

• the goods and services a business produces.

• the supply of labor needed to produce goods.

• the people that purchase goods and services.

• the equipment and factories needed to produce goods.

If OPEC decided to cut oil production for the coming year, what would be the MOST LIKELY effect?

• prices would not change

• oil prices would probably rise

• oil prices would probably decline

• the price for substitute products would decline

An exchange rate is used to

• promote the argument supporting free trade.

• promote the use of subsidies on foreign goods.

• determine the price of one country's imports in terms of another country's imports.

• determine the price of one country's currency in terms of another country's currency.

• determine the price of one country's GDP in terms of another country's GDP.

This map is depicting which international economic organization?

• CAFTA

• EU

• NAFTA

• OAS

• OPEC

Unlike tariffs,

• embargoes apply to imported goods.

• subsidies are used to protect domestic industries

• standards are imposed to restrict international trade.

• quotas place limits on the quantity of imported goods.

Which nation leads the Middle East region in the production and export of oil?

• Iran

• Iraq

• Kuwait

• Saudi Arabia

Which Middle Eastern nation is governed by a parliamentary democracy?

• Iran

• Iraq

• Israel

• Saudi Arabia

Which nation's government is classified as a monarchy, with a king as chief of state and head of government?

• Iran

• Iraq

• Israel

• Saudi Arabia

Which nation has a unicameral (one-house) legislature known as the Knesset?

• Egypt

• Iran

• Israel

• Palestine