Southwest Asia Economy
Quiz by Lorie Holbrook
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37 questions
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- Q1decisions in this type of economy are based on custom and habittraditional30sEditDelete
- Q2this type of farming only produces enough for a family's needs without any for sellingsubsistence30sEditDelete
- Q3decisions in this type of economy are made by government plannerscommand30sEditDelete
- Q4little freedom for things such as starting a business and the government decides everythingweakness of a command economy30sEditDelete
- Q5an economy in which a society's economic decisions are made by individuals who decide what to produce and what to buymarket30sEditDelete
- Q6business people or individuals who take on the financial risk to start a new businessentrepreneurs30sEditDelete
- Q7an economy with elements of both market and command economies; most countries have this type of economymixed30sEditDelete
- Q8most economies need a mix of free market and some government control for successReasons most economies are mixed30sEditDelete
- Q9This country has a mixed economy and few natural resources, so it depends a great deal on technology, especially agricultural technologyIsrael30sEditDelete
- Q10Saudi Arabia and Iran's economies are based heavily on thesePetroleum Products30sEditDelete
- Q11a country produces products it can make best and that are in demand in order to buy the products it doesn't produce as wellspecialization30sEditDelete
- Q12anything that hinders trade; can be physical or political; protect local trade or used when countries have disagreementstrade barriers30sEditDelete
- Q13tax on imported goods that raises the price of the imported goods eliminating competition with locally produced goodstariff30sEditDelete
- Q14a limit on the amount of foreign goods that can come into a countryquota30sEditDelete
- Q15when one country announces it will no longer trade with another countryembargo30sEditDelete
- Q16to regulate the supply and price of oilOPEC's Function30sEditDelete
- Q17Most OPEC countries are located hereSouthwest Asia30sEditDelete
- Q18these make it possible to buy and sell goods between nations with different currencyexchange rates30sEditDelete
- Q19moneycurrency30sEditDelete
- Q20GDP is the total value of all goods and services produced within a country within a given year; what does GDP stand for?Gross Domestic Product30sEditDelete