Unit 3: Economics of Europe

Russia and East Germany were communist countries. They had this type of economy: 

A country that does not invest in human capital will have problems because

The total value of all the goods and services produced in a country in one year is called

A tax of 15% makes jewelry from Mexico more expensive than jewelry made in the United States

To help farmers sell more, some want to put a tax on the food imported from other countries.  

In which country would it be MOST difficult for a person to start a business?

The US wants to put pressure on Lala Land to not become communist. They cut off trade. This is:

What is the main purpose of the European Union? 

Which of the following is NOT a question that every economic system must answer?

How are capital goods and human capital related to GDP

What type of economy does the United Kingdom have?

Most European countries have which type of economic system?

To raise the Gross Domestic Product (GDP), countries must invest in

Which type of trade barrier involves a limit on goods brought into the country?

An example of investing in physical (capital) resources by a company?

Which would make the United Kingdom amore desirable place to start a business?

What is a problem with exchanging currency?

A literate person in a developed country is most likely to have all EXCEPT which item

Because most economies have characteristics of the command and market economy, they are

Which is an example of capital goods?

The US wants to make sure its farmers stay in business. It sets a 20% tax on imported corn.

Which economy is LEAST likely to be found in Europe?

Which is an example of investing in human capital?

Entrepreneurs help increase a country’s GDP by

Which is the best indicator for how an economy is doing as well as the standard of living?

How does Europe’s literacy rate affect its development?

People in third world countries likely have

Which is an example of an entrepreneur?

An imported toy from China contains lead-based paint. What should the US do?

Only 25,000 lbs of wheat can be imported into the country of Never Land. This is a:

Which is an example of human capital?

What is the common currency for most members of the European Union?

Which European country is closest to pure command on the economics continuum?