WorksheetsEconomic Understanding of Southwest Asia
Total questions: 31
Worksheet time: 16mins
What 3 economic questions are asked when studying the similarities of traditional, command, market, and mixed economies among nations of the world?
What to produce, how to produce, and for whom to produce.
What is your opportunity cost, why are economic resources needed, when should these resources be used?
What is your opportunity cost, what economic resources are needed, why should these resources be used?
What is ‘specialization’?
Producing all goods that the country needs so that trade with other countries isn’t necessary
Producing goods a country can make most easily so that they can trade for goods that they can’t produce locally
Directly trading goods with another country without having to use money
Why is specialization so valuable to international trade today?
Most countries only make one product really well.
It keeps the prices low on imported goods.
Specialization allows people to do a more efficient job at producing what they make best and trade for the things they need.
Saudi Arabia specializes in the production of:
Olives and grapes
Oil and natural gas
Oil and olives
Why has Israel specialized in the area of technology?
It has few natural resources and little farmland.
It has a poorly educated population.
The country has little in the way of fishing.
The economies of Israel, Saudi Arabia, and Turkey can best be described as:
Traditional
Market
Mixed
In a traditional economy, how are economic decisions made?
Consumers
Customs and Traditions
Government Leaders
Why was OPEC created?
To regulate the supply and price of oil
To keep non-members from producing any oil
To help Palestinian Arabs with problems with Israeli Jews
Where are most OPEC countries located?
North America
Southern and Eastern Asia
Southwest Asia
What happens to the price of oil when OPEC countries decide to reduce production?
Oil prices decrease
Oil prices increase
Oil prices stay the same
What is the definition of Gross Domestic Product (GDP)?
The total value of all the goods and services a country produces in a year
The total value of all goods imported within a year
The total value of all goods produced by entrepreneurs in a year
Which Southwest Asian country’s businesses are under the LEAST amount of government control?
Israel
Iran
Syria
Tariffs and quotas are alike because they both __________________.
restrict or limit trade between countries.
increase trade between countries.
make trading a lot easier between countries.
In 1973, Southwest Asian countries stopped exporting oil to the United States in protest against the US support of Israel. What type of trade barrier is this?
Tariff
Quota
Embargo
The relationship between the literacy rate and standard of living in Southwest Asia is _________.
Literacy rate has no effect on the standard of living.
The higher the literacy rate the higher the standard of living.
Low literacy rate creates a higher standard of living.
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?
Tariff
Quota
Opportunity Cost
Which of the following would reflect Israel’s mixed economy?
Prices and wages are solely regulated by the country’s government.
A combination of privately-owned businesses and government regulations.
Economic decisions are based on customs and beliefs of ancestors.
Syria has not built new factories or used new technology in many years. What is the country NOT investing in?
Natural Resources
Human Capital
Capital Goods
A person who takes risks by starting a new business is known as a(n):
Economist
Entrepreneur
Dictator
What is one problem of a market economy?
Prices for goods can get high very quickly if demands go up but the supply doesn't change.
There can be a shortage of goods if the government does not predict which goods will be needed by people.
The price of goods is set by the government, so people know exactly how much things will cost.
How does having natural resources help the economy of a country?
The country is able to produce all the goods and services that it needs.
The country saves money because it does not have to import natural resources needed by the people.
Companies can export natural resources without having to create goods to sell.
Which word has the same meaning as the economic term "tariff"?
Tax
Limit
Money
What are capital (physical) goods?
The factories, machinery, and technology used to produce goods and services.
The people who perform labor and the education and training needed to make them more productive.
Occurs when both or all countries expect to gain from trading with one another.
What is Human Capital?
The people who perform labor and the education and training needed to make them more productive.
Materials or substances that occur in nature and can be used for economic gain.
The factories, machinery, and technology used to produce goods and services.
An instrument for showing how economic systems relate to each other on a scale of more government control versus less government control is called _____________________________________.
Currency Exchange
Literacy Rate
Economic Continuum
In a command economy, how are economic decisions made?
Government Leaders
Customs and Traditions
A mix of consumers and government leaders
When a government decides to increase a tariff, it increases the amount of tax placed upon what type of good?
Imported Good
Exported Good
Currency
Countries with a high literacy rate usually have a higher GDP per capita.
True
False
An embargo is a type of trade barrier that places a limit on the amount of goods that can be imported into a country.
True
False
What is human capital?
the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.
Capital Humans
An embargo is a type of trade barrier that places a limit on the amount of goods that can be imported into a country.
What is physical capital?
People
assets, such as building, machinery, and vehicles, which are owned and employed by an organisation.
Countries with a high literacy rate usually have a higher GDP per capita.
