SWA Econ Quiz 2024

Land, labor, capital, and entrepreneurship are

• the basis of employment.

• the results of production.

• factors of production.

• results of supply and demand.

This map is depicting which international economic organization?

• CAFTA

• EU

• NAFTA

• OPEC

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.

• command

• market

• mixed

• traditional

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.

• command

• communism

• market

• mixed

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

• GDP

• per capita GDP

• unemployment rate

• unemployment rate per capita

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

based?

• Iran

• Japan

• Israel

• Saudi Arabia

This is the name for a category of trade

barriers that a country may impose on

another country or countries.

• Sanction

• Tariff

• Export

• Quota

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

• Tariff

• GDP

• Import

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.

• Quota

• Tariff

• Embargo

• Export

This is a tax on imported goods and is

usually designed to protect domestic

production of similar goods.

• Tariff

• GDP per capita

• Boycott

• Sanction