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Europe Econ Test Review Flashcards | StudBud
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Europe Econ Test Review
Europe Econ Test Review
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1
Which statement BEST summarizes the variety of economic systems throughout Europe?
Most are nearly pure market economies, and the rest are command economies.
Most are primarily market economies with elements of command economies.
Most are primarily command economies with elements of market economies.
Most are command economies, and the rest are nearly pure market economies.
2
What information do exchange rate tables provide?
the type of government system present in each country
the value of each country's' currency relative to each other
the value of each country's per capita gross domestic product
the type of economic system present in each country
3
What type of economy do the United Kingdom, Germany, and Russia all have?
Mixed economy
Pure Market Economy
Traditional Economy
Pure Command Economy
4
Which is
not
a basic economic question faced by an economy?
For whom to produce?
What to produce?
How much profit will be made?
How to produce?
5
What is it called when an activity slows or outright blocks the free exchange of goods and services?
Production
Quota
Trade barrier
Goods
6
What is the purpose of a system of currency exchange?
to create demand for goods and services
to reduce production costs for businesses
to allow for trade between countries
to lower product prices for consumers
7
Which best describes the circular flow of an economy?
A model of the movement of goods, services,resources & money in an economy.
Happens only in a resource market
The flow between schools and resources
Happens only in a goods and services market
8
What is a trade barrier which places a tax on imported goods?
Embargo
Tariff
Quota
9
Choose True or False.
Due to scarcity, people cannot have all of the things they want.
False
True
10
Example: In order to protect its steel industry, the EU limits the amount of steel members can import each year.
Tariff
Quota
Subsidy
Embargo
11
How do countries with command economies answer the three basic economic questions?
Private citizens decide what goods to prod, how to prod. & for whom to prod
The gov. decides what goods to produce, how to prod. & for whom to prod.
Private citiz. provide guidance but the gov. bases answers on 3 questions
gov. provides guidance but private citizens base answers to the 3 question
12
Which of the following makes the BEST title for the diagram above?
Range of Possible Diplomatic Incentives
Range of Possible Trade Barriers
Range of Possible Military Restrictions
Range of Possible Economic Partnerships
13
The exchange of money, goods and resources in a market economy is called
Trade
Taxes
Profit
Merchandise
14
Which of the following BEST completes Box 1 in the diagram above?
Subsidies
Tariffs
Embargoes
Sanctions
15
Which of these is the BEST estimate of the share of European nations that have mixed economies?
between 50% and 90%
less than 10%
between 10% and 50%
more than 90%
16
Which of the following BEST completes the Box 3 in the diagram above?
embargoes
standards
Subsidies
tariff
