ECONOMIC UNDERSTANDINGS

What is the currency people use in most of Europe called?

(EXAMPLE) In 2005, the United States limited the imports of Chinese textiles to 7.5% a year.

Which of the following is NOT one of the three basic economic questions?

(EXAMPLE) Mexico imposed a limit of 250,000 tons of sugar that could be imported into Mexico.

(EXAMPLE) In 1962, the United States prohibited all imports and exports to and from Cuba.

(EXAMPLE)  The European Union lifted restrictions of the trade of weapons to Syrian rebels.

(EXAMPLE) China announced that it would impose an import tax on American poultry of up 105.4%

Most countries in the world have which type of economy?

______________________ is needed in order that countries without the same currency can trade.

Which of the 3 European Nations discussed have the least economy?

In this economy, people have the most freedom to buy & sell goods & services. 

Which economic system is based off customs, traditions, and beliefs? Ex: the Aborigines

Without a system for exchanging currencies international trade would be very easy to trade.

The purpose of the European Union (EU) was to promote ____________________.

In which countries do buyers and sellers usually come to agreement on prices in order to trade?

Which European country has a social market economy designed to help the poor people?

Which economic system is when the government controls production of goods/services? Ex: Cuba

(EXAMPLE) the USDA increased its annual sugar-import limit to 1.6 million per year

A mixed economy has characteristics of both a command economy and a market economy.

The European Union promotes free trade ONLY in Europe.