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Types of Economic Systems
Trade Barriers
Oil & The Middle East
Economic growth
Economy
100
What type of economic system is ruled by the government.

Command economy

100
What is a tax on imported goods?
Tariff
100

What usually happens when a member of the Organization of the Petroleum Exporting Countries is involved in a war?


The price of oil increases.

100
What is the total value of goods produced and services provided in a country during one year?
Gross Domestic Product
100

Which of the following accounts for the majority of Saudi government revenue?


the petroleum industry

200

What type of economic system combines private and public enterprise.

Mixed economy
200
What is a limit on imported goods?
Quota
200

What connection can be made between a nation's literacy rate and its economy?

Literate people can get higher paying jobs than illiterate people and increase economic activity.

200
What is the percentage of the population aged 15 years and over who can both read and write?
Literacy rate
200

What do the economies of Israel, Saudi Arabia, and Turkey have in common?


All three are mixed economies.

300

Which type of economic system does the economy work based on custom.

Traditional economy
300
What is a restriction on all trade?
Embargo
300

Which THREE of these nations control large amounts of oil?

A.  Irag

B. Israel

C. Kuwait 

D. Qatar

E. Yemen







300
What is the degree of wealth and material comfort available to a person or community?
Standard of living
300

Generally, "mixed economy" means an economy that


has both command and market elements.

400
Which type of economic system does the people choose what to produce, how to produce, and whom to produce it for?
Market Economy 
400
What type of trade barrier did the U.S. have on Cuba in 1960?
Embargo
400

Companies that invest in the education of their employees generally experience which of the following?  

an increase in worker productivity

400
What is the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value?
Human capital
400

Which is a negative aspect of market economies?

A. Production is usually inefficient. 

B. Resources are unequally distributed.

C. Consumers have few choices. 

D. It is difficult to start a new business 




500
Which country in the Middle East has a command economy. 
Saudi Arabia
500
What is a fixed amount of money that raises the prices on goods coming into a country.
Tariff
500

What is typically true of Southwest Asian nations with large supplies of oil?

They have higher standards of living than nations without oil.






500
What are goods that are used in producing other goods?
Capital goods
500

People who own and operate a business, and accept the risk of that business failing, are


entrepreneurs.