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WorksheetsSW Asia Econ Unit Test Review
Total questions: 21
Worksheet time: 33mins
A Tariff is an example of ________________.
A trade barrier.
A type of economy.
A government position.
An economic system that allows entrepreneurship.
A country wants to protect their local workers and industries from foreign competition. Which of the following would best achieve their goal?
Impose a tariff.
Lower the GDP.
Raise the GDP.
Engage in specialization
What describes a traditional economy?
This system includes elements of the three other economic systems.
The government controls all aspects of this system. Although the government sets aside resources for the common good of the people, this system was not designed to meet the wants of consumers.
This system allows people to make their own economic choices including starting a business; it also allows consumers to spend their money as they wish.
In this system, social roles and culture play a major role in how goods and services are made, how much money people make, and who can buy certain goods.
What describes a market economy?
This system includes elements of the three other economic systems.
The government controls all aspects of this system. Although the government sets aside resources for the common good of the people, this system was not designed to meet the wants of consumers.
This system allows people to make their own economic choices including starting a business; it also allows consumers to spend their money as they wish.
In this system, social roles and culture play a major role in how goods and services are made, how much money people make, and who can buy certain goods.
What describes a command economy?
This system includes elements of the three other economic systems.
The government controls all aspects of this system. Although the government sets aside resources for the common good of the people, this system was not designed to meet the wants of consumers.
This system allows people to make their own economic choices including starting a business; it also allows consumers to spend their money as they wish.
In this system, social roles and culture play a major role in how goods and services are made, how much money people make, and who can buy certain goods.
Which of the following best explains why Saudi Arabia falls on the continuum where it does?
Private ownership is very common in Saudi Arabia
Most business in Saudi Arabia is controlled by the government
Saudi Arabia has more private ownership than Turkey
Saudi Arabia has less government control than Israel
What kind of economy does Israel have?
traditional
mixed; more market than command
pure command
pure market
In country A, the mountains are full of diamonds and coal. The country uses these natural resources to create jewelry and power their machines, which they use to trade with other countries. Most citizens work as miners or jewelry-makers. This description best describes
Opportunity Cost
Specialization
Diversification
Differentiation
How could a high tariff on imported corn help the people in the country charging the tariff?
The corn process would be lower if tariffs were in place
Local corn would always be of higher quality than corn from other countries
Local corn would be more plentiful because it was grown closer to the markets
Local farmers would be able to sell their corn since it would be cheaper than the imported corn.
How does voluntary trade help the countries involved?
It helps them form a partnership so they can barter.
It helps them get items they need while making money off of their own products.
It helps them pay taxes on tariffs.
It helps them place embargoes on other nations.
Country A decided to stop trading altogether with country B because country B was an ally of the country C which was at war with country A. What type of trade barrier is this an example of?
Embargo
Quota
Tariff
Specialization
Mr. Caldwell is a US citizen and he plans to travel to the United Emirate Estates. He wants to shop and stay there for about a month. In order to ensure that he can pay for things, what does he need to do before leaving the USA?
Go to a bank and exchange his US money for UAE's money.
Go to a bank and invest his money in the UAE's stock market.
Go to a doctor and get vaccinations so that he will not get sick.
Go to a religious leader for advice on spiritual matters.
Why does OPEC play such a powerful role in the world economy today?
This nation is part of the United Nation.
It builds dams along rivers shared by several countries
The group controls both the supply and price of much of the world’s oil
Membership includes many oil companies owned by the firms in the United States
If Israel's literacy rate is high, what can be concluded about their standard of living in Israel?
The standard of living is low in Israel.
The standard of living is high in Israel.
The standard of living is not affected by the literacy rate.
The standard of living will decrease as the GDP increases.
The above quote by Israel’s chairman of Israel Innovation authority suggests that Israel should do which of the following?
Invest more heavily in human capital
Increase spending on capital goods
Try to decrease economic growth
Intensify the annual military budget
If Mrs. Sherman's family find oil in her back yard, how can she invest in capital goods to help her make money off of her newfound oil?
She can pay for her kids to be trained in the oil refinery industry.
She can sell it to the highest investor at a bank.
She can buy machines that will allow her to take the oil out of the ground and refine it.
She can pay to have it inspected by an agency.
Mr. Waltz decides he wants to take a risk and open up a Jello Shop. He invests his own capital, human capital, capital goods, and natural resources to start a business. What is this an example of?
a natural resource
human capital
a capital good
entrepreneurship
What is the relationship between education and training in a country and the country’s gross domestic product (GDP)?
Countries with a high level of education and training have a higher GDP.
Gross domestic product only deals with the amount of investment in factories and machinery.
The role of entrepreneurs is the only factor affecting gross domestic product.
There is no relationship between education and training and gross domestic product.
Mr. Nelson decides he will open up his very own chocolate factory. He already has all the chocolate and natural resources he needs to make the chocolate. Then he decides to hire some student workers that were trained in the chocolate making process. What type of resource are the trained student chocolate workers?
natural resources
human capital
capital goods
financial resources
Afghanistan is known for their beautiful hand made rugs. In order to protect their locally made rugs, they only allow India to ship a limited number of their rugs to Afghanistan. What type of trade barrier is this?
embargo
tariff
quota
entrepreneurship
Spike, Dig, and Ace are all terms associated with this sport...
Darts
Volleyball
Badminton
Soccer
