UG Europe Economy

Question 1

A product of the earth (“gift of nature”) that people use to meet their needs is a

Accepted Answer

natural resource

Question 2

The purpose of a tariff is to artificially raise the price of a foreign good in order to make a local good cheaper

Accepted Answer

True

Question 3

Out dated technology which hurts the growth of a countrys GDP references

Accepted Answer

relationship between capital goods and GDP

Question 4

European Union exists to maintain peace throughout continent & promotes trade & economic growth

Accepted Answer

True

Question 5

When a government decides to increase a tariff, it increases the amount of a tax placed upon

Accepted Answer

imported goods

Question 6

What is an example of a physical trade barrier in Europe?

Accepted Answer

Alps

Question 7

A country’s economy is more successful when workers have good education and health care

Accepted Answer

True

Question 8

What typically happens to the standard of living within a country with LOW literacy rates?

Accepted Answer

There is a low standard of living.

Question 9

The currency of most countries within the European Union is the

Accepted Answer

euro

Question 10

Which of the following European countries has the most free (from government control) economy?

Accepted Answer

United Kingdom

Question 11

On the economic continuum, which of the following countries would fall closest to Pure Market?

Accepted Answer

United Kingdom

Question 12

What do the economic systems of the United Kingdom, Germany, & Russia have in common?

Accepted Answer

All mixed economies

Question 13

How does Russia’s harsh climate, size, and few navigable rivers affect its economic development?

Accepted Answer

Russia’s natural resources are difficult to use.

Question 14

Most democratic nations have which kind of economy

Accepted Answer

mixed

Question 15

Which country's economic system makes laws to regulate prices, controls countries resources, & command leaning

Accepted Answer

Russia

Question 16

Which country is planning to withdraw from the European Union?

Accepted Answer

United Kingdom

Question 17

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

Accepted Answer

quota

Question 18

Entrepreneurs are private citizens who invest their own money toward the creation of a new business

Accepted Answer

True

Question 19

This is an economic system where people follow the occupation of their ancestors

Accepted Answer

traditional

Question 20

Which trade barrier sets up a complete ban on trading between countries?

Accepted Answer

embargo

Question 21

How are goods and services exchanged in a traditional economy?

Accepted Answer

through bartering

Question 22

A communist country is most closely related to which economy?

Accepted Answer

Command economy

Question 23

Which one is not an economic question?

Accepted Answer

Where to produce?

Question 24

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

Accepted Answer

currency exchange

Question 25

Which is an example of human capital?

Accepted Answer

education

UG Europe Economy

Questions 25

UG Europe Economy

Questions 25