Most important difference between traditional economic systems and a market or command economy?

Trade or barter to get their need s met.

1. What was the MAIN economic reason why European countries formed the EuropeanUnion?

Meant to encourage European growth by lowering trade barrier

Which of the following shows an investment in human capital?

Farmer’s Furniture trains its employees to useiPads.

Which of the following explains how countries with mixed economies work?

Mixed econ. have a combination of private industry and gov.

Why does international trade require a system for currency exchange?

Without currency exchange buyer won't know how much to pay

We can tell one economic system from anotherby answeringwhat questions about country’seconomy?

A. What to produce? How to produce? For whom to produce?

What is the role of natural resources in a country’seconomy?

Abundance of natural resources improves a country’s economy.

Which of the following BEST describes the role of economic systems in countries today?

Help countries decide how to use limited resources

1. What do the economic systems of the United Kingdom, Germany,and Russia have in common?

Mixed economies with elements of mostly market& somecommand

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Unit 4 Test Review

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Questions 12

Answers

1
Most important difference between traditional economic systems and a market or command economy?
Trade or barter to get their need s met.
Community members meet their own needs no specialization
all people are equally wealthy
A. Traditional economies do not have producers orconsumers.
2
1. What was the MAIN economic reason why European countries formed the EuropeanUnion?
Created to rescue smaller countries from economic collapse.
Meant to encourage European growth by lowering trade barrier
Joined together to create a strong,united military.
Work together to solve environmental issues affecting Europe
3
Which of the following shows an investment in human capital?
The city of Savannah tears down abandonedbuildings.
Farmer’s Furniture trains its employees to useiPads.
Home Depot hires new workers for its stores.
Janay fills out an application for a job as a teacher.
4
Which of the following is found in a market economy, but not ina commandeconomy?
Guaranteed minimum wage
Government control of industry
Competition among producers
A. Private control ofgovernment
5
The European Union makes trade among nations easier becauseit
has a common currency.
has a central place where everyone meets totrade.
involves countries that have common borders.
requires everyone to speak the same language whentrading
6
Which of the following explains how countries with mixed economies work?
Distribution of resources is based on a mixed economy.
prices and wages are determined by laws of supply and demand
Mixed econ. have a combination of private industry and gov.
Prices and wages are solely regulated by a country’s govt.
7
Why does international trade require a system for currency exchange?
Without system for currency exchange producers would be lost
Against international law to use foreign currency for trade.
Without currency exchange buyer won't know how much to pay
International currency exchanges help sellers tobiggerprofit
8
Which title BEST describes the information in the table
A. Ways to Help the Economy toGrow
Ways to ExpandTrade
Ways to LimitTrade
Ways to Get MoreEntrepreneurs
9
We can tell one economic system from anotherby answeringwhat questions about country’seconomy?
Who produces? Who consumes? What is currency exchange rate?
What is the opportunity cost? What resources? how used?
What to produce? Why to produce? When toproduce?
A. What to produce? How to produce? For whom to produce?
10
What is the role of natural resources in a country’seconomy?
few natural resources does not impact economy
Countries withmany natural resources have unstable economies
Abundance of natural resources improves a country’s economy.
Countries with fewer natural resources have strong economies
11
Which of the following BEST describes the role of economic systems in countries today?
Economic systems provide national unity and pride.
Economic systems are in place to help people get moremoney.
Help countries decide how to use limited resources
Economic systems are in place to keep countries from war.
12
1. What do the economic systems of the United Kingdom, Germany,and Russia have in common?
All are examples of pure market economies.
All are command with some examples of market
Mixed economies with elements of mostly market& somecommand
All are examples of pure command

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