The BEST explanation of why there will always be scarcity is because

while peoples' wants are unlimited, resources are limited.

Which describes a mixed economy?

It has elements of several economic systems.

Which answer is not correct about the EU (European Union?

Any country in the world can belong to the EU.

Opportunity Cost is best defined as

the next best thing you give up whenever you make a decision

Which of these is the BEST definition of GDP?

value of all goods and services produced in a country

studbud

Europe/Economics

21 termsStudBud Administration338 plays

Imported from external platform

Flashcards21 cardsFPractice quizPHost liveL

Questions 21

Answers

1
The BEST explanation of why there will always be scarcity is because
natural disasters create shortages.
people are inefficient.
governments create scarcity to keep people wanting more.
while peoples' wants are unlimited, resources are limited.
2
Physical Feature...I
Black Sea
Mediterranean Sea
Atlantic Ocean
3
Physical Feature...D
Strait of Gibraltar
English Channel
Black Sea
4
Physical Feature...J
Volga River
Danube River
Thames River
5
Physical Feature...E
Northern European Plain
Volga River
Alps
6
Physical Feature...B
Pyrenees
Ural Mountains
Alps
7
Physical Feature...K
Mediterranean Sea
Black Sea
English Channel
8
Which describes a mixed economy?
It is the free exchange between buyers and sellers.
It is centrally planned.
It has elements of several economic systems.
It is based on patterns from the past.
9
One advantage of a market economy is its ability to
control the price of labor.
sell goods at a high price.
adjust to changes over time.
omit consumer choices.
10
Based on this map, one could expect Greece to have an economy in which major activity?
mining
farming
herding
fishing
11
All of the following are examples of a traditional economy except...
The barter system
Large scale manufacturing
Subsistence agriculture
Hunting and gathering
12
In a command economy, how are the prices of goods and services determined?
market forces of supply and demand
business owners
the central government
independent agencies and independent regulators
13
Which answer is not correct about the EU (European Union?
It was formed to bring the countries in Europe together after WW2.
Any country in the world can belong to the EU.
Not all of the countries in Europe belong to the EU.
The EU helps member countries with trade, security, rights of citizens.
14
Which river is the longest river in Europe?
Volga
Rhine
Danube
Thames
15
Physical Feature...G
Danube River
Thames River
Volga River
16
Opportunity Cost is best defined as
The amount you spend
The price you pay to purchase something
the next best thing you give up whenever you make a decision
The benefit you gain by making a decision
17
Which physical features in Europe represents letter... A
Black Sea
North Sea
Mediterranean Sea
18
Physical Feature...H
Ural Mountains
Northern European Plain
Alps
19
Physical Feature... F
Thames River
Volga River
Danube River
20
Physical Feature...C
Black Sea
Volga River
English Channel
21
Which of these is the BEST definition of GDP?
a description of the quality of life in a nation
value of all goods and services produced in a country
a collection of all government properties that could earn money
average value of production of intermediate goods

Europe/Economics Flashcards | StudBud