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WorksheetsMiddle East Economics
Total questions: 60
Worksheet time: 2hrs 21mins
Name
Class
Date
1.
What is a service?
a)
A job
b)
Something someone does for you
c)
A need
d)
Something you do for another person
2.
The study of resources such as money, materials, and labor
a)
economics
b)
services
c)
producers
d)
goods
3.
What is a need?
a)
Nothing
b)
Something you have to have to live
c)
Something you would like to have
d)
Ice cream
4.
What is a good?
a)
A need
b)
A baseball game
c)
Things people do for money
d)
Things that people make or grow
5.
What is a want?
a)
A person
b)
Something you would like to have but don't need to live
c)
Purple
d)
Something you need to live
6.
A person who uses and buys goods and services
a)
money
b)
producer
c)
consumer
d)
economics
7.
A person who makes goods or provides a service
a)
goods
b)
service producer
c)
producer
d)
consumer
8.
Which of the following is not a good?
a)
Clothes
b)
Food
c)
Dog Walker
d)
Toys
9.
Which of the following is not a service?
a)
Dry Cleaner
b)
Car Wash
c)
Clothes
d)
Babysitter
10.
Things that were not made by humans and are found in nature
a)
natural resources
b)
human resources
c)
capital resources
d)
services
11.
Which of these is a need?
a)
car
b)
water
c)
video games
d)
candy
12.
Which of these is a want?
a)
Legos
b)
air
c)
water
d)
food
13.
A crew of men are hired to paint a new house. They are providing a ____
a)
service
b)
product
c)
specialization
d)
good
14.
Who buys goods or services?
a)
Producers
b)
consumers
15.
Your teacher is providing a _______.
a)
good
b)
service
c)
commercial
16.
What does a buyer exchange for goods and services?
a)
money
b)
books
c)
food
17.
What are the four types of economies?
a)
command, demand, capitalist, communism
b)
traditional, command, market, mixed
c)
mixed, market, traditional, primary
d)
None of the above
18.
What is subsistence farming?
a)
growing only enough crops to feed the farmer and his family
b)
growing crops to sell for a profit
c)
growing crops as a hobby
d)
None of the above
19.
The total value of goods and services produced within the borders of a country during a specific time period, usually one year.
a)
GDP
b)
GNI
c)
GDP per capita
d)
HDI
20.
measure of the proportion of adult population (15 years and up) which can read and write a simple statement
a)
Education level
b)
Literacy rate
21.
A more developed nation has a low birth rate, low infant mortality rate, and a short life expectancy.
a)
True
b)
False
22.
When an economy blends parts of market and parts of command
a)
economics
b)
embargo
c)
mixed economy
d)
market economy
23.
When producers and consumers decide what a country will make, how they will make it, and who gets it.
a)
trade barrier
b)
Market economy
c)
quota
d)
command economy
24.
When a country won't trade with another country (Trade stops)
a)
specialization
b)
quota
c)
tariff
d)
embargo
25.
When people do the same jobs and make the same things their ancestors did.
a)
command economy
b)
traditional economy
c)
trade barrier
d)
market economy
26.
Any action a government uses to control trade between countries.
a)
Trade barrier
b)
specialization
c)
mixed economy
d)
economic system
27.
When countries only make certain things and nothing else
a)
tariff
b)
enbargo
c)
quota
d)
Specialization
28.
an extra price (tax) added to goods brought from another country
a)
quota
b)
tariff
c)
embargo
d)
command economy
29.
When the government decides what a country will make, how they make it, and who gets it.
a)
ecoonmics
b)
market economy
c)
command economy
d)
traditional economy
30.
A limit on how much of something may be brought into a country.
a)
Tariff
b)
Quota
c)
embargo
d)
currency
31.
Under which economic system does the government make almost all of the economic decisions?
a)
Command
b)
Market
c)
Traditional
d)
Capitalist
32.
What are the 3 basic economic questions that all economic systems must answer?
a)
What to produce, how to produce it, and for whom to produce the goods
b)
When to produce, why to produce, and how long to produce
c)
to what extent to produce, how much to produce, why to produce
d)
what to produce, why to produce, and how much to produce
33.
Which would be a problem in a command economy?
a)
individuals trying to start a new business
b)
workers forced to do jobs they did not care to do
c)
local crafts produced before manufactured goods
d)
government planners set prices for goods produced
34.
The economies of Israel, Saudi Arabia, Turkey and Iran could best be described as
a)
mixed
b)
market
c)
command
d)
traditional
35.
How have the Israelis made up for their lack of natural resources?
a)
They have put everyone to work and have no unemployment
b)
They have relied primarily on farming to keep their economy going
c)
They have developed strong technology companies in their economy
d)
Israelis have refused to import oil, saving huge amounts of money each year
36.
What is "economic specialization"?
a)
directly swapping goods from one country to another without having to use money
b)
trying to avoid investing in industry and technology because of the expense involved
c)
producing all goods and services needed for a country's growth, so that trade with other countries is not needed
d)
producing those goods a country can make most efficiently so they can trade them for goods made by others that cannot be produced locally
37.
Which location identifies where MOST of the world economies would be placed on this graphic?
a)
At point A
b)
At point B
c)
Between points A & B
d)
Between points C & D
38.
Which describes how MOST countries around the world answer basic economic questions?
a)
A miture of command and market econommies
b)
Most countries are pure market economies
c)
Most countries are pure command economies
d)
A mixture of traditional and market economies
39.
Many major industries in Saudi Arabia have significant government involvement or are government controlled. Based solely on this information, which type of economic system would BEST describe Saudi Arabia?
a)
market
b)
federalist
c)
traditional
d)
command
40.
Turkey, like most countries, has much economic freedom with some government involvement. Which term describes this economic system?
a)
Market
b)
Mixed
c)
Traditional
d)
Command
41.
Leading exports in Saudi Arabia: petroleum & petroleum products
Leading exports in Israel: machinery and equipment, software, cut diamonds, agricultural products, chemicals, textiles and apparel.
Which statement describes the potential trading relationship between Saudi Arabia and Israel?
Leading exports in Israel: machinery and equipment, software, cut diamonds, agricultural products, chemicals, textiles and apparel.
Which statement describes the potential trading relationship between Saudi Arabia and Israel?
a)
Since they both specialize, they do not make good trading partners
b)
Because hey specialize in different goods, they could make good trading partners.
c)
They do not use the same currency; therefore it is impossible for them to trade.
d)
Petroleum is always worth more than Israel's exports so the countries should not trade.
42.
Why would one country place an embargo another?
a)
Political differences
b)
Lack of natural resources
c)
Lack of transportation
d)
Distance
43.
Which explains the primary function of the Organization of Petroleum Exporting Countries (OPEC)?
a)
They are the countries that establish how oil is to be used around the world.
b)
Only members of OPEC may export oil to other countries.
c)
The members are mainly responsible for setting the amount of oil produced and exported.
d)
OPEC is responsible for organizing trade routes to trace oil as it is shipped around the world.
44.
According to the normal relationship, if Iran decided to invest several billion dollars in education and training how would their GDP likely be affected?
a)
It would descrease
b)
It would not change
c)
It would increase
d)
It would depend on other factors
45.
Saudi Arabia and Iran both invest in capital at higher rates than Israel. Based on this fact, which conclusion would be most logical?
a)
Israel has fewer uses for capital
b)
Israel has a smaller growth rate
c)
Israel has more natural resources
d)
Israel can't trade with either country
46.
Which describes entrepreneurship?
a)
The physical talents of people to build things.
b)
Putting together productive resources to produce a good or service.
c)
Machines, tools, and devices used for production.
d)
The ability to harvest and use natural resources.
47.
Which organization was created to manage petroleum prices in order to stabilize the world oil market?
a)
Countries Selling Oil (CSO)
b)
Countries with Oil for Sale (CWOFS)
c)
Organization of Petroleum Importing Countries (OPIC)
d)
Organization of Petroleum Exporting Countries (OPEC)
48.
When a company educates and trains its people, it is investing in _______.
a)
structure
b)
transportation
c)
human capital
d)
natural resources
49.
Which natural resource is significant to the economies of Middle East countries?
a)
iron ore
b)
gold
c)
oil
d)
coal
50.
Jose is an auto mechanic in a nearby larger town. He has decided his own small town needs its own car repair shop. Jose bought the building and opened his shop. Jose is an example of _____.
a)
Trade surplus
b)
Opportunity costs
c)
Entrepreneur
d)
Gross Domestic Product
51.
A type of economy where there is some government involvement, but also the reliance on consumer choice (supply and demand).
a)
Command
b)
Market
c)
Traditional
d)
Mixed
52.
In what country are men and now women allowed to vote at the age of 21?
a)
Turkey
b)
Israel
c)
Iran
d)
Saudi Arabia
53.
What kind of economic system do Israel, Saudi Arabia, and Turkey have on the economic continuum?
a)
Command
b)
Market
c)
Traditional
d)
Mixed
54.
Which country listed below has 26% arable land, and major export is agricultural products?
a)
Turkey
b)
Israel
c)
Iran
d)
Saudi Arabia
55.
Which industry does the government of Saudi Arabia heavily control?
a)
Oil
b)
Agriculture
c)
Technology
d)
Textile Manufacturing
56.
Why has Israel specialized in the area of technology?
a)
It has few natural resources and little farmland.
b)
It has a poorly educated population.
c)
The money earned is used to support the military.
d)
The country has little in the way of fishing.
57.
In a traditional economy, how are economic decisions made?
a)
Government leaders
b)
Consumers
c)
Customs and traditions
d)
A mix of consumers and government leaders
58.
The relationship between the literacy rate and standard of living in Southwest Asia is _________.
a)
Literacy rate has no effect on the standard of living.
b)
The higher the literacy rate the higher the standard of living.
c)
The standard of living is independent of literacy rate.
d)
Low literacy rate creates a higher standard of living.
59.
If Saudi Arabia’s government puts a limit on how much Israeli Dead Sea salt it will import this year, what trade barrier is this?
a)
Embargo
b)
Tariff
c)
Quota
d)
Opportunity Cost
60.
Which of the following would reflect Israel’s mixed economy?
a)
Prices and wages are solely regulated by the country’s government.
b)
A combination of privately-owned businesses and government regulations.
c)
The country’s distribution of resources is based on inheritance.
d)
Economic decisions are based on customs and beliefs of ancestors.
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