What relationship generally exists between literacy rate and the standard of living in Europe?

high literacy rate and high standard of living

Explain the impact removing tariffs and lifting border controls has on Europe’s economy

EU members allow workers to go into other countries for work

Why is it important for nations to have a system for exchanging from one currency to another?

Makes it possible to buy & sell goods from different nations

Why wouldn’t the citizens needs and wants be considered in a command economy?

Government only produces products that further their goals

What is the purpose of a tariff, such as a protective tariff?

to increase the prices of imported goods

What is a result of subsidization in Russia’s economy?

discourages Russian citizens from purchasing foreign goods

Which is the BEST example of specialization?

A German automotive factory builds seats to be sold

A farmer in a traditional economy is most concerned with producing what?

only enough corn for his family’s need to survive

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European Economics

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Questions 19

Answers

1
Which of the following is found in a market economy?
Competition between businesses
Government control of industry
Government control of agriculture
Traditions of ancestors
2
The U.K. & Germany encourage citizens to start their own businesses. What is this called?
natural resources
entrepreneurship
human capital
capital goods
3
Workers should be trained for the high-tech jobs of the 21st century. What is this?
adjusting the currency exchange rate
an investment in human capital
an embargo on technology
an investment in capital goods
4
What are tools, machines, etc that are used to produce goods & services called?
human capital
capital goods
natural resources
entrepreneur
5
How are goods and services exchanged in a traditional economy?
through prices and wages
through shortages and surpluses
through government regulation
through bartering
6
What are gifts of nature?
natural resources
capital goods
human capital
entrepreneurs
7
Germany has put a limit on the number of American cars that can be imported. What is this?
a tariff
a quota
an embargo
an exchange
8
What relationship generally exists between literacy rate and the standard of living in Europe?
no relationship between literacy rate and standard of living
low literacy rate and high standard of living
high literacy rate and high standard of living
high literacy rate and a low standard of living
9
Explain the impact removing tariffs and lifting border controls has on Europe’s economy
EU member countries are likely to start war with each other
EU members don't use a common currency to encourage trade
EU members allow workers to go into other countries for work
EU members are less likely to trade with one another
10
Why is it important for nations to have a system for exchanging from one currency to another?
Banks can't deal with different types of currencies
Makes it possible to buy & sell goods from different nations
The dollar is the most valuable currency in the world
Exchanging to different currencies makes products costs less
11
Why wouldn’t the citizens needs and wants be considered in a command economy?
Market regulates citizens wants & needs thru supply & demand
The government knows what the citizens need and want
Government only produces products that further their goals
The needs and wants are the same for every citizen
12
Which of the following occurs on the right side of the economic continuum?
more government control
lower GDPs
less government control
higher GDPs
13
Communist countries usually have which economic system?
Mixed economy
Command economy
Market economy
Traditional economy
14
What is the purpose of a tariff, such as a protective tariff?
to increase the prices of imported goods
to increase the prices of exported goods
to decrease the prices of exported goods
to decrease prices of imported goods
15
Which of the following is NOT one of the main questions that all economic systems must answer?
How to produce?
For whom to produce?
What to produce?
How many goods to produce?
16
Which trade barrier would guarantee that no child in the U.K. would get sick from unsafe fish?
embargo
tariff
exchange rate
quota
17
What is a result of subsidization in Russia’s economy?
encourages people to buy goods from foreign countries
discourages Russian citizens from purchasing foreign goods
causes Russia to have a more traditional-leaning economy
subsidization causes Russia to export more than it imports
18
Which is the BEST example of specialization?
A clothing co. in Russia makes a variety of apparel products
A country has a large number of imports but no exports
A German automotive factory builds seats to be sold
U.K. farmer grows, harvests, & sells crops
19
A farmer in a traditional economy is most concerned with producing what?
enough corn to have a surplus for consumers in the market
production quota of 5,000 ears of corn
only enough corn for his family’s need to survive
only enough corn to trade with other countries

European Economics Flashcards | StudBud