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DeVane European Economics Review for Test Flashcards | StudBud
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DeVane European Economics Review for Test
DeVane European Economics Review for Test
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Flashcards
27 cards
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Questions
27
Answers
1
How do investments in capital goods help increase a country's GDP?
by improving the knowledge of workers
by making it easier to start a new business
by making it easier to export goods
by improving the efficiency of workers
2
Germany specializes in _________________
automobiles
mining
banking
natural gas
3
Which is an example of a traditional economy in Europe?
Russia
There are no examples in Europe.
Spain
United Kingdom
4
There is no country that is pure market or pure command.
False
True
5
When you are investing in a person's education, health and training, you are investing in what?
standard of living
physical capital
GDP
human capital
6
command economy=__________
pure market econ.
pure command econ.
traditional econ.
mixed economy
7
Market economies base economic answers on ___________.
What the government wants to produce
What previous generations produced
What consumers want
What workers can make
8
What is NOT one of the three basic questions that economic systems answer?
How it is produced?
How much profit will be made
What is produced?
For whom to produce
9
Which is an example of a free trade zone (voluntary trade)?
Europe
United Nations
European Union
United States
10
Market economy decisions are based on....
The businesses/owners
Government
All of the above
Previous Generations
11
How does investment in capital goods affect the GDP of a country?
It causes the nation's GDP to rise
It causes the GDP to rise and fall irregularly
It causes the GDP to cease to rise or fall at any rate.
It causes the nation's GDP to fall
12
All are types of resources except....
Capital Goods
Business Resources
Natural Resources
Human Resources
13
Which country doesn't use the euro?
Germany
France
Italy
UK
14
Educated workers are more efficient, leading to a more productive workforce.
False
True
15
Someone who is willing to take a risk to start their own business is a(n)?
entrepreneuer
human capital
job seeker
risk taker
16
This is used to determine how rich or poor a country is?
Literacy Rate
human capital
Money
GDP
17
In what economy, do customs and previous generations from the past determine
Market
Traditional
Command
Mixed
18
Germany encourages investment in capital goods, and UK invest a lot in education.
True
False
19
All modern countries are considered to be mixed economies that lean towards?
Command
Market
Tariffs
Traditional
20
Germany, Russia, U.K. are mixed economies that lean towards
Market
Mixed
Traditional
Command
21
Russia invest more in human capital than UK and Germany.
True
False
22
The exchange of money, goods, and resources in a market economy is called......
Free Will
embargo
trade
Profit
23
What was the purpose for creating the euro?
To get more money
To collect different currencies
They don't exchange currency.
encourage trade between member nations of EU
24
Chalk and minerals found in UK are sources what what.....
natural resources
entrepreneurship
human capital
capital resources
25
command economies=
what consumers demand
what previous generations produced
what the government wants to produce
what skills workers have
26
If you are investing in modern equipment, you are investing in what?
physical capital
GDP
human capital
standard of living
27
For what economic reason does Germany have a system of universal higher education?
The government wants to encourage people to work elsewhere
Germany lacks a large industrial labor force
Germans do not like to work in the industrial sector.
A well-educated population generates a high GDP.
