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European Economics Flashcards | StudBud
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European Economics
European Economics
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1
What is the currency people use in much of the E.U called?
euro
pound
dollar
ruble
2
The government owns the industries and makes the economic decisions in a
command economy
mixed economy
market economy
traditional economy
3
An economy that has characteristics of both command and market economies is a
traditional economy
command economy
market economy
mixed economy
4
Which natural resources have helped the Russian economy in the twenty-first century?
oil and natural gas
highways and factories
machines and equipment
education and health care
5
Norway charges a 20% tax on lumber imported from Canada.
Embargo
Tariff
Quota
6
A person who takes a risk and provides the money to start and own a business is an
executive
mom
entrepreneur
CFO
7
The money a country spends on education, training, improving the skills and health of workers
capital goods
natural resources
capital
human capital
8
Which might make an embargo against a country successful?
People in the country are not affected by the embargo.
Merchants are able to continue doing business.
The country does not need to trade with other countries.
The citizens suffer because of lack of supplies and protest.
9
When a country focuses on the production of certain goods it is called
specialization
capital
scarcity
human capital
10
The factories, machines, technologies, buildings, and property needed to run a business are all
entrepreneurship
human capital
physical capital
natural resources
11
No Brazilian beef can be sold to Spain.
Quota
Embargo
Tariff
12
In the United Kingdom, who decides which goods are produced and sold?
business owners
citizens
the monarch
the prime minister
13
What is the problem with exchanging currency?
Most people want to use American dollars to trade.
It costs more to do business because of the fee to exchange
People make more money by trading currency.
Banks do not like to exchange their money for other currency
14
Which is an example of investing in human capital?
highways
cash
education
factories
15
The U.S. charges an extra $0.10 per pound on bananas from Costa Rica.
Quota
Embargo
Tariff
16
A government order to stop trading with another country is an
tariff
embargo
import
quota
17
What is an example of investing in physical capital by a company?
training workers to do their jobs better
keeping old computers in order to save money
keeping old delivery trucks
constructing a new factory
18
Only 3,000 pairs of American blue jeans can enter France.
tariff
quota
embargo
19
Which economy exchanges goods and services based on customs and traditions?
traditional
mixed
market
command
20
A fee that you pay to trade your money for another currency.
quota
tariff
gross domestic product
exchange rate
21
In Russia, the gov owns large industries but private ownership is also allowed.
Command Economy
Market Economy
Traditional Economy
Mixed Economy
22
Which key words go with a Market Economy?
farming and hunting
supply and demand
government and business
traditions and customs
23
Which is an example of an entrepreneur?
a person who runs a gov-owned coal mine
girl who uses her money to start a business selling phones
roofers who work for a business owned by an individual
people who operate a hospital
24
Only 10,000 barrels of oil can be delivered from Saudi Arabia to Italy this month.
Embargo
Tariff
Quota
25
"gifts from nature"
capital resources
natural resources
human resources
goods
26
A specific limit placed on the number of imports that may enter a country is a
embargo
import
tariff
quota
27
The limited supply of something is known as
natural resources
entrepreneurship
infinite
scarcity
28
Which is the least likely to be found in Europe?
command economy
mixed economy
traditional economy
capitalism
29
Individual business owners make economic decisions based on what the consumers buy.
command
market
mixed
traditional
30
What is a tax on imports called?
Import
Quota
Embargo
Tariff
