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European Economics
European Economics
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Economics
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Name the three trade barriers.
Tariff, quota, embargo
Market ,command, Mixed
Mixed, autocratic, unitary
Embargo, Tax, restrictions
2
What type of economic system is displayed in the picture below?
Traditional
Command
Market
Mixed
3
What are the three basic economic questions?
What to produce?
How to produce?
Where to produce?
For whom to produce?
4
On the economic continuum which country is closet to a command economy?
United Kingdom
Germany
United States
Russia
5
What type of economic system is displayed in the image?
Market
Command
Traditional
Mixed
6
The European Union is an independent country.
True
False
7
What are the three economic systems?
Traditional, Market, and Command
Command, Mixed, and Market
Mixed, Command, and service
Communism, Market, and traditional
8
"People use the resources they have to only make what they need to survive." This describes a...
Command economy
Market economy
Traditional economy
9
If the UK limits how many cars they import from Germany, this type of trade barrier is called a _____.
Embargo
Tariff
Mixed
Quota
10
What is the name of the currency used by most EU member countries?
Euro
Franc
Peso
Dollar
11
A person who is willing to start their own business at their own risk is known as a(n)...
Business man
Entrepreneur
Manager
Employer
12
"The government only guides the market and its use of resources." This describes a...
Market economy
Traditonal economy
Mixed economy
Command economy
13
A form of trade barrier that places a tax on imported goods:
Embargo
Qouta
Market
Tariff
14
A mixed economy is a combination of a
Traditional and market
Command and market
Traditional and command
Command and communism
15
"Supply and demand determine how resources are used." This describes a...
Command economy
Market economy
Traditional economy
16
The European Union is an organization made up of independent countries.
True
False
17
The EU will not allow any imports from a specific country because that country does not allow citizens to vote.
Embargo
Quota
Tariff
18
"The government plans how to use resources in a country." This describes a...
Market Economy
Traditional economy
Command Economy
19
Most modern countries follow a _______type of economic system.
mixed
Command
Traditional
Market
20
What is the purpose of the EU?
To work together to strengthen Europe
To create a strong military in case of attack
To put up trade barriers to other countries
To dominate all non-European nations
