European Economics Test Review

Question 1

Old technology, antiquated factories, and broken machinery hurt the growth of a country’s Gross Domestic product.

Accepted Answer

The relationship between capital goods and GDP

Question 2

What is an example of human capital?

Accepted Answer

education

Question 3

Goods and services are exchanged in a traditional economy through . . .

Accepted Answer

bartering

Question 4

People use this product of the earth to meet their needs.

Accepted Answer

natural resource

Question 5

The United States and the United Kingdom use different currencies, so they would need what to conduct business?

Accepted Answer

way to exchange currencies

Question 6

The number limit on how many items of a product can be imported from a country is called a __________.

Accepted Answer

quota

Question 7

An economic system where people follow the occupation (job) that their ancestors had previously is called . . .

Accepted Answer

Traditional Economy

Question 8

The government of Russia has control of their shipping, oil, and natural gas industries

Accepted Answer

True

Question 9

Germany is in between the United Kingdom and Russia on the economic continuum.

Accepted Answer

True

Question 10

______________ is the trading of one country’s currency to the currency of another country.

Accepted Answer

Currency Exchange

Question 11

Russia falls closest to pure market out of the United Kingdom and Germany on the Economic continuum.

Accepted Answer

False

Question 12

Communist countries have an economic system most similar to what type of economy?

Accepted Answer

Command economy

Question 13

Healthcare is an example of human capital.

Accepted Answer

True

Question 14

What is a complete ban on trading between countries?

Accepted Answer

Embargo

Question 15

Which country has the most economic freedom for its people?

Accepted Answer

United Kingdom

Question 16

Was this Quiz fun?

Accepted Answer

YES (The correct answer)

Question 17

Most democratic nations have __________ economies.

Accepted Answer

Mixed economies

Question 18

The command economic system of the Soviet Union was . . .

Accepted Answer

controlled by the central government that planned for the nation's economy

Question 19

Which of these is one of the three economic questions?

Accepted Answer

For whom to produce it?

Question 20

Low Literacy rates in a country usually equal

Accepted Answer

low standard of living

Question 21

The United Kingdom, Russia and Germany are all examples of . . .

Accepted Answer

Mixed economies

Question 22

Why is it important for a country to invest in human capital?

Accepted Answer

Economy is more successful when workers are healthy and well-educated

Question 23

The Alps are NOT an example of a physical trade barrier in Europe.

Accepted Answer

False

Question 24

Shipping is a major industry in which country?

Accepted Answer

United Kingdom

Question 25

In a pure market economy the government makes all the decisions

Accepted Answer

False

Question 26

What to produce is an economic question.

Accepted Answer

True

Question 27

Entrepreneurship is defined as:

Accepted Answer

Private citizens who invest their money into creating a business

Question 28

Which of these is one of the three economic questions?

Accepted Answer

How to produce it?

Question 29

Russia's harsh climate and environment make it difficult for them to use their natural resources.

Accepted Answer

True

Question 30

The United Kingdom's economy is . . .

Accepted Answer

market leaning

Question 31

Democratic countries have an economic system most similar to what type of economy?

Accepted Answer

Market economy

Question 32

In command economy supply and demand makes the economic decisions

Accepted Answer

False

Question 33

Most countries in the European Union use the Euro as currency.

Accepted Answer

True

European Economics Test Review

Questions 33

European Economics Test Review

Questions 33