Why wouldn’t the citizens needs and wants be considered in a command economy?

Government only produces products that further their goals

Why is it important for nations to have a system for exchanging from one currency to another?

Makes it possible to buy & sell goods from different nations

What relationship generally exists between literacy rate and the standard of living in Europe?

high literacy rate and high standard of living

What is the purpose of a tariff, such as a protective tariff?

to increase the prices of imported goods

What is a result of subsidization in Russia’s economy?

discourages Russian citizens from purchasing foreign goods

A farmer in a traditional economy is most concerned with producing what?

only enough corn for his family’s need to survive

Which is the BEST example of specialization?

A German automotive factory builds seats to be sold

Explain the impact removing tariffs and lifting border controls has on Europe’s economy

EU members allow workers to go into other countries for work

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European Economics

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Questions 19

Answers

1
Which of the following is NOT one of the main questions that all economic systems must answer?
What to produce?
How many goods to produce?
For whom to produce?
How to produce?
2
Workers should be trained for the high-tech jobs of the 21st century. What is this?
an embargo on technology
adjusting the currency exchange rate
an investment in human capital
an investment in capital goods
3
Why wouldn’t the citizens needs and wants be considered in a command economy?
Government only produces products that further their goals
Market regulates citizens wants & needs thru supply & demand
The government knows what the citizens need and want
The needs and wants are the same for every citizen
4
Why is it important for nations to have a system for exchanging from one currency to another?
Banks can't deal with different types of currencies
Exchanging to different currencies makes products costs less
The dollar is the most valuable currency in the world
Makes it possible to buy & sell goods from different nations
5
How are goods and services exchanged in a traditional economy?
through government regulation
through bartering
through prices and wages
through shortages and surpluses
6
What relationship generally exists between literacy rate and the standard of living in Europe?
high literacy rate and high standard of living
high literacy rate and a low standard of living
no relationship between literacy rate and standard of living
low literacy rate and high standard of living
7
Which of the following is found in a market economy?
Government control of agriculture
Traditions of ancestors
Government control of industry
Competition between businesses
8
The U.K. & Germany encourage citizens to start their own businesses. What is this called?
capital goods
entrepreneurship
natural resources
human capital
9
What is the purpose of a tariff, such as a protective tariff?
to decrease the prices of exported goods
to increase the prices of exported goods
to decrease prices of imported goods
to increase the prices of imported goods
10
Which trade barrier would guarantee that no child in the U.K. would get sick from unsafe fish?
embargo
tariff
quota
exchange rate
11
What is a result of subsidization in Russia’s economy?
discourages Russian citizens from purchasing foreign goods
subsidization causes Russia to export more than it imports
encourages people to buy goods from foreign countries
causes Russia to have a more traditional-leaning economy
12
Which of the following occurs on the right side of the economic continuum?
more government control
less government control
lower GDPs
higher GDPs
13
What are tools, machines, etc that are used to produce goods & services called?
natural resources
human capital
entrepreneur
capital goods
14
A farmer in a traditional economy is most concerned with producing what?
enough corn to have a surplus for consumers in the market
production quota of 5,000 ears of corn
only enough corn to trade with other countries
only enough corn for his family’s need to survive
15
Which is the BEST example of specialization?
A German automotive factory builds seats to be sold
A country has a large number of imports but no exports
U.K. farmer grows, harvests, & sells crops
A clothing co. in Russia makes a variety of apparel products
16
What are gifts of nature?
human capital
entrepreneurs
capital goods
natural resources
17
Communist countries usually have which economic system?
Mixed economy
Command economy
Market economy
Traditional economy
18
Explain the impact removing tariffs and lifting border controls has on Europe’s economy
EU member countries are likely to start war with each other
EU members don't use a common currency to encourage trade
EU members are less likely to trade with one another
EU members allow workers to go into other countries for work
19
Germany has put a limit on the number of American cars that can be imported. What is this?
a tariff
an exchange
a quota
an embargo

European Economics Flashcards | StudBud