SS7E5 Flashcardizz

Front

What is the main purpose of the Organization of the Petroleum Exporting Countries (OPEC)?

Back

To coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets.

Front

Which of the following is a characteristic of a traditional economy?
Options:
Reliance on industrial manufacturing and production,
Reliance on international trade and commerce,
Reliance on technology and innovation,
Reliance on agriculture and hunting

Back

Reliance on agriculture and hunting

Front

What is the primary goal of a market economy?

Back

Efficient allocation of resources

Front

Which of the following is an example of a human capital resource? A fleet of vehicles, A team of skilled employees, A herd of cattle, A collection of office supplies

Back

A team of skilled employees

Front

What is the main purpose of a trade barrier?

Back

To protect domestic industries and markets from foreign competition

Front

Which of the following is a benefit of specialization in international trade? Options: Increased productivity and economic growth, Higher costs and reduced efficiency, Limited access to resources and markets, Decreased productivity and economic growth

Back

Increased productivity and economic growth

Front

What is the role of the World Trade Organization (WTO) in international trade?

Back

Facilitate trade negotiations, enforce trade agreements, and resolve trade disputes between member countries.

Front

Which of the following is a characteristic of a command economy? Laissez-faire approach to economic regulation, Free market and private ownership of resources, Central planning and government control over resources, Equal distribution of wealth among citizens

Back

Central planning and government control over resources

Front

What is the main purpose of the European Union (EU)?

Back

Promote peace, stability, and economic cooperation among its member states

Front

Which of the following is an example of a capital resource? Raw materials, Factory equipment, Office supplies, Employee training

Back

Factory equipment