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Cheese
Butterfiles
It's Friday :-)
Cheese Sticks...Real Good
Red Ribbon...Red Day
100
In a command economy, how are economic decisions made?
GOVERNMENT PLANNERS
100
Saudi Arabia specializes in the production of?
OIL AND GAS
100
Why are most modern economies referred to as mixed economies?
MOST COUNTRIES HAVE ALL ASPECTS OF THREE ECONOMIC TYPES AT WORK IN THEIR ECONOMIES
100
The economies of Israel, Saudi Arabia, Turkey and Iran could best be described as?
MIXED
100
In a market economy, who makes the economic decisions?
CONSUMERS AND THE MARKET
200
How have the Israelis made up for their lack of natural resources?
THEY HAVE DEVELOPED STRONG TECHNOLOGY COMPANIES IN THEIR ECONOMY
200
Which of the following would be a problem in a command economy?
INDIVIDUALS TRYING TO START A NEW BUSINESS
200
What is an embargo?
A FORMAL HALT TO TRADE WITH A PARTICULAR COUNTRY FOR ECONOMIC OR POLITICAL REASONS
200
Why was OPEC created?
TO REGULATE THE SUPPLY AND PRICE OF OIL
200
Israel specializes in?
AGRICULTURAL TECHNOLOGIES
300
What is a tariff?
A TAX PLACED ON GOODS COMING INTO ONE COUNTRY FROM ANOTHER
300
Where are most of the OPEC countries located?
MIDDLE EAST
300
Why is it important for nations to have a system to convert from one currency to another?
THIS MAKES IT POSSIBLE TO BUY AND SELL GOODS BETWEEN NATIONS WITH DIFFERENT TYPES OF MONEY
300
Why have the Israelis made a big investment in human capital?
THEY NEED WELL-TRAINED WORKERS BECAUSE THEIR ECONOMY DEPENDS ON ADVANCED TECHNOLOGY
300
What happens to the price of oil when OPEC countries decide to limit production?
PRICES RISE
400
Who takes on the financial risk in starting a new business in a market economy?
INDIVIDUAL BUSINESS PEOPLE
400
Why would the Saudi oil industry need a large investment in human capital?
THE TECHNOLOGY IN THE OIL INDUSTRY IS VERY COMPLICATED
400
In a traditional economy, how are economic decisions made?
CUSTOM AND HABIT
400
What is a quota?
A LIMIT TO THE NUMBER OR AMOUNT OF A FOREIGN-PRODUCED GOOD THAT IS ALLOWED INTO THE COUNTRY
400
Which industry does the government of Saudi Arabia heavily control?
OIL
500
What is “economic specialization”?
PRODUCING THOSE GOODS A COUNTRY CAN MAKE MOST EFFICIENTLY SO THEY CAN TRADE THEM FOR GOODS MADE BY OTHERS THAT CANNOT BE PRODUCED LOCALLY
500
Why do most economies in the world today operate somewhere in between a market economy and a command economy?
MOST ECONOMIES HAVE FOUND THEY NEED A MIX OF FREE MARKET AND SOME GOVERNMENT CONTROL TO BE SUCCESSFUL AND PROTECT CONSUMERS
500
Why are oil and gas such valuable natural resources?
INDUSTRIAL COUNTRIES DEPEND ON OIL AND GAS AS THEIR ENERGY SUPPLY
500
How has the Saudi king used the profits from oil to help other areas of his kingdom?
OIL PROFITS HAVE PAID FOR MODERN TECHNOLOGY AND SERVICES
500
If a country does not invest in its human capital, how can it affect the country’s gross domestic product (GDP)?
GDP MAY GO DOWN BECAUSE POORLY TRAINED WORKERS WILL NOT BE ABLE TO DO THEIR JOBS AS WELL