Economics Quiz

In a traditional economy, how are economic decisions made?

• Based on consumer demand

• By the government

• Based on customs and traditions

• Through market competition

Which of the following is an example of a traditional economy in Southwest Asia?

• Saudi Aramco

• Bedouin herding practices

• Israeli tech startups

• OPEC

What is a defining feature of a command economy?

• Free market competition

• Decisions are made by businesses

• The government controls production and distribution

• Focus on agriculture and barter systems

Saudi Arabia’s economic system is transitioning from a command economy to a more mixed system through which initiative?

• Vision 2020

• Vision 2030

• Future 2050

• Saudi National Plan

Which country in Southwest Asia has a market-driven economy with strong government involvement in defense?

• Saudi Arabia

• Turkey

• Israel

• Iran

Which industry does the Saudi government control through the company Saudi Aramco?

• Tourism

• Agriculture

• Oil

• Banking

What type of economy does Turkey have?

• Pure command economy

• Mixed economy

• Traditional economy

• Pure market economy

Israel’s economy is heavily focused on which sector?

• Agriculture

• Manufacturing

• High-tech and defense

• Oil production

Specialization in an economy encourages trade because countries:

• Want to produce a wide range of goods

• Focus on producing goods they are efficient at making

• Prefer to rely only on domestic goods

• Have equal resources for all types of production

Saudi Arabia’s economy specializes in the production of:

• Textiles

• Automobiles

• Oil

• Electronics