Henderson - - - SW Asia Econ Assessment

Which of the following is NOT an economic question that economies must answer?

• When to produce?

• What to produce?

• How to produce?

• For whom to produce?

Which economic system relys on traditions, customs, and habits and is slow to accept new ideas?

• Maket

• Traditional

• Command

• Mixed

In this economic system, consumers decide what goods to produce, while businesses decide how to produce goods.

• Mixed

• Traditional

• Market

• Command

In this economic system, the government decides what to produce, how to produce, and for whom to produce goods for.

• Traditional

• Mixed

• Market

• Coomand

Israel, Turkey, and Saudi Arabia have what type of economies?

• Democracy

• Market

• Mixed

• Traditional

When goods enter a country, well call these goods _____________, while goods that exit the country are called ______________.

• exports, exports

• imports, exports

• imports, imports

• exports, imports

Which answer choice best describes what specialization is?

• When a country focuses on producing goods that they are good at making.

• When a country focuses on producing goods that they are bad at making.

• When a country sends every single good to another country.

• When a country imports more goods than they export.

Why does the United States not make enough clothes for the entire population?

• It is cheaper to import clothes from other countries, than to make the clothes in the U.S.

• It is more expensive to import clothes from other countries.

• It is cheaper for the United States to export all of their clothes to other countries.

• The question is incorrect--the United States makes their own clothes to supply to the population.

Which answer choice best represents what a tariff is?

• A limit on how much of a good enters the country.

• A tax on imported goods.

• A tax on exported goods.

• When 2 countries ban trade between one another.

Donald Trump has placed multiple tariffs on goods from Mexico, Canada, and China. How will this affect the U.S?

• It will lower the prices of items that he placed tariffs on in the United States.

• It will raise the prices of every single item in the U.S.

• It will raise the prices of items that he placed tarrifs on in the United States.

• It will lower the prices on every single item in the U.S.