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Europe Economics
Europe Economics
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European Economics
Flashcards
21 cards
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Practice quiz
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Questions
21
Answers
1
There are many entrepreneurs in Germany.
Yes
No
Only Sometimes
2
What is another name for currency?
Money
Debit Cards
Credit Cards
Checks
3
Communist countries don't use supply and demand. How do they know how much to produce?
They always produce enough
They use Quotas to predict how much they need.
4
Since most economies have some government control, and some business freedom, we call them ___.
Market
Command
Traditional
Mixed
5
What kinds of goods and services will be produced in a Communist or Command country?
Basic supplies, few choices
Whatever Entrepreneurs want
Whatever the people want
Luxury Items
6
Which of the following helps to raise a country's GDP?
Human Capital
Physical capital
Literacy Rate
All of the above
7
What is the limit on the
amount
of imported goods called?
Tariff
Trade
Embargo
Quota
8
The total value of all goods and services produced in a country in one year is ____.
Standard of Living
Literacy Rate
Market Economy
Gross Domestic Product
9
Which country has the least economic freedom in Europe?
Cuba
North Korea
Germany
Russia
10
Which people have a traditional economy?
Russians
Germans
There are none in Europe
Europeans
11
Which is an example of human capital?
A microscope
Learning a new skill
The ActivBoard
A police car
12
Sometimes countries use ____to limit trade with other countries.
Human Capital
Trade Barriers
Physical Capital
Traditional
13
Another name for capitalism or Free enterprise is called?
Communist
Command
Market
Mixed
14
Which economic system makes economic decisions based on customs and habits from the past?
Traditional
Command
Market
Mixed
15
What kind of products will be produced in a Capitalist country?
Basic goods and services only
Its up to the government
Its up to the Entrepreneurs
16
Which of the following is a reason why Entrepreneurs are good?
They bring in foreign goods
All of the above
They pay taxes to the gov't
They provide jobs
17
Countries that lean towards Command on the continuum have a lot of government control.
TRUE
FALSE
18
Which economic system uses supply and demand?
Command
Communism
Market
Traditional
19
In which economic system does
the government
make economic decisions?
Traditional
Comarket
Command
Market
20
What kind of trade barrier completely STOPS trade?
tariff
embargo
free trade zone
quota
21
The UK and Germany are considered "mostly free" and lean towards Market on the continuum.
FALSE
TRUE
