Unit 2 - Europe Economy

Question 1

Example - The EU will not accept any products from a nation because its government will not allow free speech.

Accepted Answer

Embargo

Question 2

Which economic system is characteristic of a communist country?

Accepted Answer

Command economy

Question 3

No Brazilian beef can be sold to Spain.

Accepted Answer

Embargo

Question 4

Which economic system is one in which entrepreneurs (people) own land, factories, and businesses?

Accepted Answer

Market economy

Question 5

Exchange (goods or services) for other goods or services without using money.

Accepted Answer

Barter

Question 6

How has Russia attempted to improve its economy after the end of the Soviet government?

Accepted Answer

By making it more of a market economy

Question 7

Why do consumers benefit from lower prices in the European Union’s single market?

Accepted Answer

More competition

Question 8

Which economy uses the system of bartering?

Accepted Answer

Traditional economy

Question 9

Limited quantity of product that under official controls can be produced, exported or imported.

Accepted Answer

Quota

Question 10

A person who owns and operates a business, taking on a financial risk.

Accepted Answer

Entrepreneur

Question 11

An official ban on trade or other commercial activity with a particular country.

Accepted Answer

Embargo

Question 12

Only 3,000 pairs of American blue jeans can enter France.

Accepted Answer

Quota

Question 13

Which countries are not a member of the European Union?

Accepted Answer

Switzerland, Iceland

Question 14

What currency does the United Kingdom use?

Accepted Answer

Pound

Question 15

The total value of the goods and services produced in a country during a year.

Accepted Answer

Domestic Gross Product

Question 16

Why does eastern Germany have a poorer economy that western Germany?

Accepted Answer

East Germany had to switch from a command economy.

Question 17

The U.S. charges an extra 10 cents per pound on bananas from Costa Rica.

Accepted Answer

Tariff

Question 18

Which country has the strongest economy in Europe?

Accepted Answer

Germany

Question 19

An economy in which production, investment, prices, and incomes are determined and controlled by a government.

Accepted Answer

Command Economy

Question 20

Someone who has an idea for a good or service and takes the risks to produce it is called what?

Accepted Answer

Entrepreneur

Question 21

What does literacy rate mean?

Accepted Answer

The amount of people who can read and write in a country.

Question 22

EU has invested heavily in capital goods, so their standard of living and GDP is increasing.

Accepted Answer

True

Question 23

Which of the following is found in a market economy

Accepted Answer

competition

Question 24

What are 4 main factors that influence economic growth within a country?

Accepted Answer

Natural Resources available, Capital Investment, Investment in Human Capital, Entrepreneurship

Question 25

What is a tariff?

Accepted Answer

Tax on imports and exports

Question 26

What type of economy does Germany, Russia, and the United Kingdom have?

Accepted Answer

Mixed economy

Question 27

A person can start any legal business and charge any price in which type of economy?

Accepted Answer

Market

Question 28

Educated workers have helped the EU to have a high gross domestic product.

Accepted Answer

True

Question 29

Only 10,000 barrels of oil can be delivered from Saudi Arabia to Italy this month.

Accepted Answer

Quota

Question 30

What is a benefit of using the same currency?

Accepted Answer

People can travel more easily

Unit 2 - Europe Economy

Questions 30

Unit 2 - Europe Economy

Questions 30