What do the economic systems of Russia, the UK, and Germany have in common?

They all have have Mixed economies.

Why type of economic system did the Soviet Union have?

Command, led by an autocratic government that made many economic decisions

Which answer BEST says who decides which goods will be produced and sold in the UK?

Businesses and Supply and Demand

A person who starts their own business is called what?

An Entrepreneur that works to create jobs and profits

What are the 3 key economic questions?

What to produce? How to produce? For whom to produce?

After the Cold War, Russia's economy ________________________.

changed from a Command Economy to a Mixed Command-leaning Economy.

Why was the European Union formed?

To rebuild and strengthen Europe politically, economically, and militarily

If you have a Continuum with Command on the LEFT and Market on the RIGHT, then which answer is the proper order?

Russia, Germany, the U.K., the U.S.

How did Russia's economy change going FROM the Soviet Union TO the Russia of today?

From a heavily Command economy to a Mixed economy that leans Command

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Economic Systems and Economies of Europe

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6th grade econ

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Questions 16

Answers

1
What do the economic systems of Russia, the UK, and Germany have in common?
They all have have Mixed economies.
They all have pure Commands economies
They are all Mixed, leaning towards Command.
They are all pure Market economies
2
In a lawn-cutting business, LAWNMOWERS are examples of what?
Human Capital
Entrepreneurship
Natural Resources
Capital Goods
3
Why type of economic system did the Soviet Union have?
Market, allowing for private property and little government influence
Traditional, based on customs and traditions
Mixed, with a combination of government influence and entrepreneurship
Command, led by an autocratic government that made many economic decisions
4
When Supply and Demand and businesses make most business decisions, they lean towards more of what type of economy?
Command Economy
Market Economy
Mixed Economy
Traditional Economy
5
Which answer BEST says who decides which goods will be produced and sold in the UK?
Parliament
Businesses and Supply and Demand
The communist government
Prime Minister
6
A person who starts their own business is called what?
An Opportunist that imposes trade barriers on foreign markets
An Entrepreneur that works to create jobs and profits
An autocrat that makes every economic decision for a country
A Traditionalist that relies on customs and traditional job roles
7
Which economic system is LEAST likley to exist in modern-day Europe?
Command
Traditional
Market
Mixed
8
How do entrepreneurs help to increase a country's GDP?
Placing tariffs on goods
Placing quotas on goods
Making laws to protect their goods
Creating jobs
9
What are the 3 key economic questions?
What is needed? Why is money important? Who will get everything?
What to produce? Why to produce? When to produce?
What is our opportunity cost? What resources? When to produce?
What to produce? How to produce? For whom to produce?
10
Economic systems that rely on customs passed down from generation to generation are what?
Market
Traditional
Command
Mixed
11
After the Cold War, Russia's economy ________________________.
Is a pure Command Economy, where the government makes all of the decisions.
was transitioning from a Market Economy to a command economy.
Is a pure market economy, with no government regulations
changed from a Command Economy to a Mixed Command-leaning Economy.
12
Why was the European Union formed?
to establish more Command-based economies in Europe
To solve environmental issues and reduce Carbon Dioxide
To defeat the US in the Space Race
To rebuild and strengthen Europe politically, economically, and militarily
13
If you have a Continuum with Command on the LEFT and Market on the RIGHT, then which answer is the proper order?
The U.K., Russia, the U.S., Germany
The U.S., the U.K., Germany, Russia
Russia, Germany, the U.K., the U.S.
Russia, the U.K., the U.S., Germany
14
In a Command Economy, the _______________ makes most of the economic decisions.
Citizens
Government
Businesses
People
15
What is the over-all trend: Lower literacy rates = _______ GDP per Capita
The Same
There is no relation
Higher
Lower
16
How did Russia's economy change going FROM the Soviet Union TO the Russia of today?
From a pure Command economy to a Mixed economy that leans Market
From a pure Mixed economy to a pure Command economy
From a pure Market economy to a Mixed economy that leans Market
From a heavily Command economy to a Mixed economy that leans Command

Economic Systems and Economies of Europe Flashcards | StudBud