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Europe Economics Flashcards | StudBud
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Europe Economics
Europe Economics
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#economics #6thgrade #europe #unitedkingdom #russia #tradebarriers #tariff #embargo #quota
Flashcards
29 cards
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Questions
29
Answers
1
Russia wants to put tax on cars imported from Germany to help Russian cars compete. What trade barrier will Russia use?
Quota
Specialization
Tariff
Embargo
2
Which of the following describes the impact of Entrepreneurship on an economy?
Germany has a high standard of living due to investment in factories
The United Kingdom's economy is stronger because it invests in education
Russia's economy is weaker because it is difficult to start a business
Russia has an abundance of coal and other mineral resources
3
What is an economic benefit of the European Union that makes them economically interdependent?
Countries in the EU have free trade with each other
Citizens can work and trade anywhere in the EU
All of these are economic benefits of the European Union
Most EU countries use the Euro as their currency
4
What does this picture represent best?
Tariff
Embargo
Specialization
Quota
5
Bartering, farming for survival, customs of the past... these characteristics fit which economic system?
Market
Command
Mixed
Traditional
6
Which country is it hardest to start a business in? Why?
Germany; it has the most government regulation
United kingdom; it has the most government regulation
United Kingdom; it has the most economic freedom
Russia; it has the most government regulation
7
Which is an example of a command economy?
The government places safety regulations on cars to keep citizens safe.
The communist government predicts what people need
Families barter with each other to exchange food for clothes
Kroger sells coca-cola for half price
8
"Supply and Demand"... This is part of which type of economy?
Communism
Traditional
Market
Command
9
Which of these European countries has the least economic freedom and most government control?
North Korea
Russia
United KIngdom
Germany
10
Russia is best at producing and trading oil; Germany exports cars. What is this concept called?
Tariff
Specialization
Embargo
Quota
11
Almost every country is described as a _________ economy because it is on an economic continuum.
Traditional
Command
Market
Mixed
12
Though permafrost makes it difficult to extract, Russia has an abundance of coal and oil. What factor of growth is this?
Physical Capital/ Capital Goods
Natural Resources
Human Capital
Entrepreneurship
13
What is free trade?
Placing tariffs on another country's goods
Trading without money (bartering)
Buying and selling to other countries without placing tariffs on goods
Giving goods to countries for free
14
What is a tariff?
To stop trading with a business or country
A limit on imported goods
Tax on imported goods
15
A quota is a limit on an imported good. Which is an example of a quota helping local farmers?
Taxing corn from another country.
To stop buying corn from another country.
Allowing less corn to be bought from other countries' farms.
16
Free trade means there are
no
trade barriers, like tariffs. Which countries enjoy free trade with the U.S.A?
Spain, Italy, France
Spain, Italy, Germany
Italy, France, Germany
Spain, France, Germany
17
The United Kingdom and Germany's economies are strong because people are well-educated. Which factor of growth is this?
Capital Resource/ Physical Capital
Human Capital
Entrepreneurship
Natural Resources
18
Who owns businesses and farms in a command economy?
The government
Citizens
The government and citizens
Business owners
19
Which is an example of a traditional economy?
The communist government predicts what people need
Families barter with each other to exchange food for clothes
Kroger sells coca-cola for half price
The government places safety regulations on cars to keep citizens safe.
20
Russia's economy is...
Traditional
Mixed
Command
Market
21
Which country is it easiest to start a business in? Why?
United kingdom; it has the most government regulation
Russia; it has the most government regulation
Germany; it has the most government regulation
United Kingdom; it has the most economic freedom
22
Who owns businesses and farms in a market economy?
Citizens
The government
The government and citizens
Supply and Demand
23
Which of the following is an example of a market economy?
Families barter with other families to exchange food for clothes.
Coca-cola selling a new flavor of coke
New laws placed on automobile makers
The government failed to predict what goods citizens need
24
You are on a trip to Germany. You swap your dollars for Euros. Why exchange currency?
Because Euros are a great souvenir.
To buy or sell things in Germany; they won't take dollars.
Because dollars are worth the same as other currency
25
Russian government found deadly chemicals in German hamburgers. What will keep Russians safest?
An embargo against German hamburger meat producers
A quota on German hamburgers
A tariff on German hamburgers
26
Most of Europe has a very high standard of living and high GDP. Why?
All European countries have infinite natural resources
European countries have low literacy rates
European countries depleted their natural resources
European countries have high literacy rates
27
Germany's customs found cancer-causing chemicals in Iphones shipped from China. Which trade barrier will Germany use?
Quota
No trade barriers should be used
Tariff
Embargo
28
"Russia's has vast deposits of mineral resources to produce goods and export to other countries." The result is...?
A higher GDP
A higher literacy rate
A lower standard of living
A lower GDP
29
Which of the following best describes the European Union?
Organization created by Russia and Germany after the cold war
Military alliance sworn to help each other in times of war
Organization that charges tariffs to ally countries
Economic alliance that cooperates for economic benefits
