sw asia

Question 0

north korea would be most closely associated with what economic system?

Answer 0

command

Question 1

what type of economic system makes decisions by doing whatever was done in the past?

Answer 1

traditional

Question 2

in what type of economic system dies the government make all of the decisions?

Answer 2

command

Question 3

in what type if economic system do the consumers make most of the decisions

Answer 3

market

Question 4

in a traditional economy how are economic decisions made?

Answer 4

decisions are made based in customs habits

Question 5

in a command economy how are economic decisions made?

Answer 5

decisions are made by the government

Question 6

why are most modern economies referred to as mixed economy’s?

Answer 6

most economies have aspects of all three economic systems

Question 7

the economies if israel saudi arabia turkey and iran could best be described as…

Answer 7

mixed economies

Question 8

which industry does the government if saudi arabia heavily control?

Answer 8

petroleum

Question 9

israel specializes in…

Answer 9

scientific technologies

Question 10

what is a tariff?

Answer 10

a tax on imported goods

Question 11

most OPEC countries are located in…

Answer 11

southwest asia

Question 12

what is an embargo

Answer 12

when a country refuses to trade with another country in order ti bring about social or political changes

Question 13

what is human capital?

Answer 13

the knowledge and skills that make it possible for workers to earn a living producing goods or services

Question 14

why is it important fir nations to have a system to convert from one currency to another?

Answer 14

because countries have a variety of currencies that can have a varying amount of value. a rate of exchange is necessary for international trade

Question 15

if a country does not invest in its human capital how can it affect the country’s gross domestic product?

Answer 15

typically the gross domestic product will go down because the working population is poorly educated and therefore not able to perform tasks required of jobs that produce an economy with a higher gdp

Question 16

how do iran and saudi arabia benefit from belonging to the OPEC??

Answer 16

iran and saudi arabia both have large investments and a dependency in the export if petroleum. being a part of OPEC allows them to control the price of oil

Question 17

saudi arabia relies

on the se of which natural resource for the majority of its GDP

Answer 17

petroleum

Question 18

the type of money used by a country is called…

Answer 18

currency

Question 19

what is a measure of the total value of goods and services produced in a country in a given year?

Answer 19

GDP

Question 20

this person has an idea for a good or service and takes the risks to produce it

Answer 20

entrepreneur

Question 21

when a country invests in transportation systems and power plants it is investing in what?

Answer 21

capital goods

Question 22

what is a measure of the total value of goods and services produced in a country in a given year divided by the average population of the GDP in a given year

Answer 22

GDP per capita

Question 23

which important natural resources are used in the production of a wide variety of products such as plastics fertilizers makeup and tires?

Answer 23

petroleum

Question 24

which country had had to invest heavily in its human capital in order to produce advanced technologies because of its lack of natural resources

Answer 24

israel

Question 25

what is a quota?

Answer 25

a restriction on the amount of a good that can be imported into a country

Question 26

what is it called when a country produces those products it makes best and that are in demand in the world market

Answer 26

specialization