SS7E4-6: Southwest Asia Economic Understanding Test

Front

Who takes a financial risk in starting a new business?

Back

Entrepreneur

Front

The number limit on how many items of a particular product can be imported from a particular country is the _______________.

Back

quota

Front

Why do most countries in the world today fall somewhere between a market and a command economy?

Back

Most countries have found they need a mix of free market and government control to be successful.

Front

What 3 economic questions are asked when studying the similarities of traditional, command, market, and mixed economies among nations of the world?

Back

What to produce, how to produce, and for whom to produce?

Front

What is ‘specialization’?

Back

Producing goods a country can make most easily so that they can trade for goods that they can’t produce locally

Front

In a command economy, economic decisions are made by the ___________.

Back

government

Front

Saudi Arabia specializes in the production of: oil and olives, olives and grapes, oil and natural gas, livestock

Back

oil and natural gas

Front

The economies of Israel, Saudi Arabia, Turkey, and Iran can best be described as: traditional, command, market, mixed

Back

mixed

Front

Why was OPEC created?

Back

To regulate the supply and price of oil

Front

Where are most OPEC countries located?

Back

Southwest Asia