Unit 5 and 6 game 2

Use the map of Southwest Asia to answer the question. How would a ship carrying goods manufactured in Kuwait travel from the Persian Gulf to the Arabian Sea?

• by traveling along the Euphrates River

• by traveling along the Tigris River

• by traveling through the Strait of Hormuz

• by traveling through the Suez Canal

In a command economy, whose goals are typically given the highest priority when making economic decisions?

• The goals of individual entrepreneurs.

• The goals of the central government.

• The goals of foreign investors.

• The goals of local communities.

Which of the following best describes how resources are allocated in a mixed economy?

• Only private businesses decide how resources are used.

• Government officials make all resource allocation decisions.

• Both government policies and market forces influence allocation.

• Resources are allocated without any planning or regulation.

Based on its economy, the International Monetary Fund classifies Turkey as

• a developed market.

• an emerging market.

• a least developed country.

• a newly industrialized country.

Which of the following is the MOST LIKELY reason why the price of imported goods might be higher in one country compared to another due to a trade barrier?

• The imported goods were required to meet a specific standard, increasing production expenses.

• The imported goods were banned, and sellers raised prices for the restricted items.

• The imported goods were taxed with a tariff, and retailers added the tariff cost to the sale price.

• The imported goods were limited by a quota, reducing supply and raising demand.

Why is it important for countries in Southwest Asia to have a system for exchanging currencies?

• Because all countries in the region use the same currency.

• Because international trade requires converting different currencies.

• Because most countries do not trade with each other.

• Because natural resources are not valuable in the region.

Read the text and answer the question. Country A and Country B both need wheat and electronics. Country A can produce wheat more efficiently and at a lower opportunity cost than Country B. Country B can produce electronics more efficiently and at a lower opportunity cost than Country A. Which situation would MOST benefit both Country A and Country B?

• Country A specializes in producing electronics and Country B does not specialize. The two countries do not engage in trade.

• Country A specializes in producing wheat and Country B specializes in producing electronics. The two countries engage in trade.

• Country A specializes in producing electronics and Country B specializes in producing wheat. The two countries engage in trade.

• Country A specializes in producing wheat and Country B specializes in producing electronics. The two countries do not engage in trade.

Individuals who start a business and take on the financial risks are known as

• investors.

• managers.

• entrepreneurs.

• customers.

The stated goal of the Organization of Petroleum Exporting Countries is to:

• stabilize the market for oil.

• remove barriers to trade in oil.

• invest in new oil technologies.

• standardize tariffs on crude oil.

Which of the following statements is NOT typically true about Middle Eastern countries with significant oil reserves compared to those without?

• Countries with significant oil reserves often have more developed infrastructure.

• Countries with significant oil reserves usually attract more foreign investment.

• Countries with significant oil reserves generally have more political stability.

• Countries with significant oil reserves tend to have fewer environmental challenges.