SWA Economics Review

Land, labor, capital, and entrepreneurship are all

• the results of production.

• the basis of employment.

• results of supply and demand.

• factors of production.

In this type of economic system, the government controls all aspects of the economy and makes all decisions about what goods will be produced, who will produce them, and how they will be produced.

• mixed

• command

• traditional

• market

In this type of economic system, the production of goods and services is controlled solely by the concept of supply and demand, businesses are operated for profit, and the government is not involved.

• market

• mixed

• communism

• command

When determining standard of living in a country, which indicator will be the most practical and reliable?

• per capita GDP

• CPI

• unemployment rate per capita

• unemployment rate

Which Middle Eastern country would you expect to have an economy that is more market-based than command-based?

• Israel

• Saudi Arabia

• Iran

• Japan

This is the process of prohibiting commerce and trade with another country. This is often done to affect the country to change an internal policy

• embargo

• quota

• tariff

• boycott

This is a type of protectionist trade restriction that sets a physical limit on the quantity of a good that can be imported into a country in a given period of time.

• embargo

• quota

• boycott

• sanction

This is a tax on imported goods and is usually designed to protect domestic production of similar goods

• Tariff

• Exports

• Quota

• Embargo

These are any goods transported from one country to another.

• Quota

• Boycott

• Exports

• Embargo

This is a form of protest by voluntarily not using, purchasing or dealing with a person or organization.

• Boycott

• Sanction

• Embargo

• Quota