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Europe Economics
Europe Economics
20 terms
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Questions
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Answers
1
What currency did the European Union establish for member nations?
Euro
Peso
Pound
Dollar
2
What are the 3 basic economic questions?
What to produce, Why to produce, how much to produce
What to produce, How to produce, For whom to produce
How to produce, How long to produce, Where to produce
When to produce, why to produce, how much to produce
3
How do most countries answer the basic economic questions?
Pure Market
Mixture of command & market
Pure Command
Mixture of traditional & market
4
Name for EU countries that use the Euro as its main currency
Eurozone
Unionzone
Zonurazine
Eurazia
5
Investment in human capital and capital goods leads to an increase in GDP.
True
False
6
Economic system in which government makes all of the decisions
Command
Traditional
Mixed
Market
7
Which European country is closest to a free market economy?
Russia
United States
United Kingdom
Germany
8
Investment in human capital and capital goods leads to an increase in GDP.
False
True
9
When a country invests in education for its citizens it is increasing its human capital
True
False
10
Having been under Communist rule, this country was left with run-down factories, old machinery & outdated technology
Russia
Germany
Ireland
United Kingdom
11
When a country invests in education for its citizens, what is it increasing?
Human Capital
Entrepreneurship
Natural Resources
Capital Goods
12
Which of the following would most likely raise a country's GDP?
Investing in better education for the workers
All of the above
Supporting entrepreneurs with new businesses
Developing new technology for factories
13
How do entrepreneurs help a country's economy?
They introduce new products.
They start new businesses.
All of the above.
They create jobs
14
Economic System in which individuals and businesses make the decisions
Socialist
Traditional
Command
Market
15
How many countries are in the European Union?
26
24
25
27
16
Why would one country place an embargo on another country?
Distance too great
Lack of transportation
Lack of natural resources
Political differences
17
The rate at which one currency is exchanged for another
currency
exchange
currency exchange
exchange rate
18
Money that is used within a specific area or country
trade
currency
exchange
coins
19
How does the European Union strengthen the economies of its members?
Reducing trade barriers among its members
Increasing requirements to join the EU
Reducing trade with countries outside the EU
Increasing tax rates
20
Which trade barrier completely eliminates/stops trade between countries
quota
tariff
embargo
mountains
