Question

Which is a common role of entrepreneurs? Question 1 options: to help protect the environment to start and run a business to manage a school to grow food Question 2 (1 point) Question 2 Unsaved Why is it important to have a system for exchanging currencies between nations? Question 2 options: to encourage trade to encourage new business to protect small businesses to stop the rising cost of products Question 3 (1 point) Question 3 Unsaved The government of Saudi Arabia decides to improve the gross domestic product of the country by investing in human capital. Which action will the government MOST LIKELY take? Question 3 options: establish currency exchange policies increase trade barriers invest in educational opportunities such as free tution purchase manufacturing equipment Question 4 (1 point) Question 4 Unsaved Israel has a mixed market economy, this means they have small businesses opened and run by the citizens as well as government run businesses and regulations. Question 4 options: True False Question 5 (1 point) Question 5 Unsaved Israel improves their country economy and gross domestic product through Question 5 options: harvesting and selling oil selling surplus water their advancements in farming and high tech equipment building weapons Question 6 (1 point) Question 6 Unsaved An embargo means that I am trading only a few goods and service with a country that I have a conflict with. Question 6 options: True False Question 7 (1 point) Question 7 Unsaved Unemployment is high in Iran among young men due to their lack of skills. What could be one cause for this problem? Question 7 options: lack of investment in human capital lack of investment in machinery high investment in the military lack of natural resources Question 8 (1 point) Question 8 Unsaved The discovery of this non-renewable resource moved Saudi Arabia's economy from traditional to command to now a mixed market. What is this resource? Hint- It is exported out of Saudi Arabia to the rest of the world! Question 8 options: fresh water salt oil wood Question 9 (1 point) Question 9 Unsaved Specialization encourages trade between countries and allows one country to produce a good or service efficiently. Question 9 options: True False Question 10 (1 point) Question 10 Unsaved The purpose of OPEC, the Organization of Petroleum Exporting Countries, is to Question 10 options: stabilize the price of oil and ensure a regular supply of oil to other countries manage the oil production and pricing in the Middle East only regulate the regulations of oil production in the Middle East stabilize the agriculture industry around the world

Answer 1

1. The common role of Entrepreneur is: to start and run a business
In a market economy, entrepreneurs transform the capital that they possess into a business that operates in order to obtain process.
During this process, they will provide various job opportunities and generate wealth to society at the same time.

2. It is important to have that system because: It makes trading internationally easier
With the system, international trading could be done using 2 different money currencies. Otherwise both party have to find a medium of exchange that is acceptable by both sides, such as Gold and silver.

3. The answer is: invest in educational opportunities such as free tution
Investing in educational opportunities might create a huge debt on Government's financial position on the earlier years.
But in the long run, this will result in an increase in human capital that would bring the economy bounce back.

4. That statement is true
Mixed economy is the combination of both market controlled by private sectors and public sectors.
In mixed economy, Government-owned several key industry that usually really needed for the collective needs (such as water and electricity)

5. The answer is their advancements in farming and high tech equipment
Because of this, they able to produce a lot of type of agricultural products despite having terrible terrains/climate.
Currently, this nation is known as the main producer of high-end
Fruits in Europe.

6. That statement is False
Embargo means that you COMPLETELY STOP ALL TRADING ACTIVITIES with the countries that you're in conflict with, not just for selected few of goods and services.

7. The answer is lack of investment in human capital
In order to handle this problem, the Government should provide some programs such as free education or free training.
This will increase the productivity from Iran's labor force in the long run and improve their economic stability

8. The answer is Oil
Saudi Arabia has been experimenting on how to fully utilize the management of this resource.
In the end, they decided that providing both private sectors and the government to participate in the market provide the most marginal benefit for that nation.

9. That statement is true.
Specialization tends to based on the competitive advantage that a naitons had compared to others.
For example, Malaysia is specialized in the rubber industry, and nations all across the world could obtain high-quality rubber goods with relatively low price from that country.

10. The answer is stabilize the price of oil and ensure a regular supply of oil to other countries
OPEC consists of countries with a large amount of oil reserves, and it requires all members of their group to put a certain pricing standard that they bring similarly to the market. By doing this, they prevent competition among each of rich nations and gain leverage in trading with Other Nations.