SW Asia Government/Economics Quiz

Where are most OPEC countries located?

• Africa

• North America

• Southern and Eastern Asia

• Southwest Asia

Why was OPEC created?

• To design new technology for getting oil out of the ground

• To regulate the supply and price of oil

• To keep non-members from producing any oil

• To help Palestinian Arabs with problems with Israeli Jews

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

• traditional

• command

• market

• mixed

In a command economy, economic decisions are made by the ___________.

• consumers

• market

• government

• producers

What 3 economic questions are asked when studying the similarities of traditional, command, market, and mixed economies among nations of the world?

• What to produce, why to produce, when to produce?

• What is your opportunity cost, what economic resources are needed, why should these resources be used?

• What to produce, how to produce, and for whom to produce?

• What is your opportunity cost, why are economic resources needed, when should these resources be used?

Why do most countries in the world today fall somewhere between a market and a command economy?

• Some government control has never been successful.

• Government control always makes a market economy more profitable.

• Most consumers prefer government control to free market.

• Most countries have found they need a mix of free market and government control to be successful.

Voluntary trade benefits both buyers and sellers because it allows countries to _____________ in goods they produce efficiently.

• Tariff

• Specialize

• Quota

• Embargo

Which of the following best describes a market economy?

• Government makes all the decisions

• Economic decisions are based on custom and habits

• Economic decisions are based on individual consumers and produced

• Economic decisions are based on religious leaders

True or False:

In an autocratic monarchy, like Saudi Arabia, citizens participation is very limited.

• True

• False

In a Parliamentary Democracy like Israel, the head of government is typically:

• A president elected by citizens

• Monarch

• a military leader

• A prime minister chosen by the parliament