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Economics (Europe)
Economics (Europe)
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6th grade econ
Flashcards
32 cards
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Questions
32
Answers
1
When trade between two countries comes to a halt, it is most likely due to a(n) ________.
Quota
Tariff
Subsidy
Embargo.
2
What is the best choice of human capital?
Training
A worker
Technology
Machinery
3
Low literacy rates = _______ GDP
High
Low
4
Which country has difficulty trading due to frozen trade lanes?
United Kingdom
France
Russia
Spain
5
Economic systems that rely on customs passed down from generation to generation are called ___.
Traditional
Mixed
Command
Market
6
In a lawn cutting business, the lawntractor is an example of what?
Entrepreneurship
Capital Resource
Natural Resource
Human Resource
7
Economic systems which businesses make most of the decisions with some gov't interefernce is
Traditional
Market
Command
Mixed
8
If you design clothes, price and sell them yourself, what type of econ system exists?
Traditional
Market
Command
Communist
9
After the Cold War, Russia's economy ________________________.
was transitioning from a command to a market economy.
was a pure command economy.
was a pure market economy.
was transitioning from a market to a command economy.
10
What are the 3 key economic questions?
What is needed, how to get it, who will get it?
What to produce, why to produce, when to produce?
What to produce, how to produce, for whom to produce?
What is our opportunity cost,what resources,when to produce?
11
How do entrepreneurs help increase a country's GDP?
Placing tariffs on goods
Making laws to protect their goods
Creating jobs
Placing quotas on goods
12
An example of investing in capital goods is _______________.
A country improving its literacy rate
a college student getting a degree
a company buying new computers for its employees
training a worker to work a cash register
13
Why do EU member countries volunteer to use the Euro?
To have a common currency
To stop counterfeiting.
To have more trade barriers.
To increase tariffs.
14
A construction worker, a nurse, and a mechanic are examples of what?
Capital Goods
Natural Resources
Human Resources
Capital Investments
15
What do the economic systems of RU, UK, and DE have in common?
Pure Markets.
Mixed, leaning towards command.
Mixed, leaning towards market.
Pure Commands.
16
What must countries with different types of money pay for in order to trade?
Embargoes
Quotas
Currency Exchange
Tariffs
17
Why type of economic system did the old USSR have?
Mixed
Traditional
Market
Command
18
Who decide which goods will be produced and sold in the UK?
Businesses
Queen
Prime Minister
Parliament
19
A large amount of natural resources in a country mosty likely causes the country to __________.
trade more making the GDP lower
trade more making the GDP higher
trade less making the GDP lower
place embargoes on all traded goods
20
What type of economy most likely existed in Nazi Germany?
Command
Traditional
Market
Mixed
21
When individuals make most business decisions, like the UK and DE, they lean towards more of a
Market Economy
Command Economy
Traditional Economy
Mixed Economy
22
Since EU members do not pay tariffs, they participate in ___________.
Currency Exchange
Embargoes
Free Trade
Subsidies
23
Why is it easier for the UK and Italy to trade?
Size of the countries
Access to water
Abundance of natural resources
High tariffs
24
Which is NOT a barrier to trade?
Currency Exchange
Embargo
Tariff
Free Trade
25
A tax put on an imported good is called a(n) _______________.
Quota
Currency Exchange
Embargo
Tariff
26
In a Command Economy, the _______________ makes most of the economic decisions.
Businesses
Government
Citizens
People
27
When the literacy rate of a country goes up, the GDP typically _____________.
stays the same.
goes up.
becomes smarter.
goes down.
28
Why was the EU formed?
To rebuild Europe politically, economically, and militarily
To be like the US
To defeat the US
To solve environmental issues
29
Which economic system is least likley to exist in modern day Europe?
Capitalist
Market
Traditional
Mixed
30
A person who starts their own business is called a(n) ____________.
Opportunity
Surplus
Employee
Entrepreneur
31
The total value of all goods and services is known as ___________.
Capital Goods
Human Capital
GDP
Capital Investments
32
The purpose of a quota is to ____________________.
increase the GDP.
have free trade.
stop all trade.
Set limits on imported goods
