Germany specializes in the production of automobiles. Based on this information, which statement is MOST LIKELY correct?

Germany can produce automobiles moreefficiently than other countries

Which person demonstrated entrepreneurship?

Kara learned to code and started a company designing websites for other bus

Which of the following represents the MAIN economic reason for the formation of the European Union?

to establish voluntary trade among its members

Germany has universal higher education. What economic reason does Germany have a system of universal higher education?

A well-educated population generates a highgross domestic product.

How did adopting the euro help European Union member-states?

It eliminated the costs of currency exchange.

What is the purpose of a system of currency exchange?

to allow for trade between countries

What is true of the economies of the United Kingdom, Germany, and Russia?

Though all are mixed economies, Russia would be closest to point 3

How could this stoppage in production have been avoided?

Greg should have invested in new capital goods for the grommet factory.

Based on the list, what conclusion can be drawn about Russia?

Russia's economy relies heavily on natural resources.

Which country MOST LIKELY has a high literacy rate?

Country with a high standard of living

How does investment in capital goods affect a nation's Gross Domestic Product (GDP)?

It causes the nation's GDP to rise.

Based on the table and your knowledge of Social Studies, what conclusion can be drawn?

Countries with higher literacy rates have higherstandards of living.

Must a person with a high level of entrepreneurship also have a high level of human capital?

No, a person must only be innovative and willing to take risks

If there is a high demand for steel and cars in both countries, which situation would MOST benefit Germany and Russia?

Russia specializes in steel, Germany specializes in car. They should trade

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Unit 4 - Economics of Europe Post-test Review

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Questions 19

Answers

1
Which of the following BEST completes the Box 3 in the diagram above?
Embargoes
Subsidies
Tariffs
Standards
2
What type of economy do the United Kingdom, Germany, and Russia all have?
pure market economy
mixed economy
pure command economy
traditional economy
3
Which of the following BEST completes the Box 1 in the diagram above?
Embargoes
Standards
Subsidies
Tariffs
4
Germany specializes in the production of automobiles. Based on this information, which statement is MOST LIKELY correct?
Germany sells automobiles to domestic consumers for very low prices
Germany has a low gross domestic product and high unemployment
Germany can produce automobiles moreefficiently than other countries
Germany has no natural resources that othercountries demand.
5
Which person demonstrated entrepreneurship?
Maria wanted a new smartphone, so she saved money until she could afford it
Ben invested all of his money in the stock of a very popular coffee company
Kara learned to code and started a company designing websites for other bus
Mateo worked hard every day at a grocery store
6
Which of the following represents the MAIN economic reason for the formation of the European Union?
to end all European trade embargoes
to strengthen European trade quotas
to establish voluntary trade among its members
to introduce trade tariffs among its members
7
Germany has universal higher education. What economic reason does Germany have a system of universal higher education?
A well-educated population generates a highgross domestic product.
The government wants to encourage people toget jobs in other countries.
Germany lacks a large industrial labor force.
German people do not like to work in theindustrial sector.
8
How did adopting the euro help European Union member-states?
It created another barrier to trade with nonmembers.
It allowed member-states to economically specialize.
It stopped the fluctuation of currency values.
It eliminated the costs of currency exchange.
9
What is the purpose of a system of currency exchange?
to reduce production costs for businesses
to lower product prices for consumers
to create demand for goods and services
to allow for trade between countries
10
What is true of the economies of the United Kingdom, Germany, and Russia?
The Uk between points 3 and 4, Russia and Germany between points 1 and 2
The UK between points 1 and 2, Russia and Germany between points 3 and 4
Though all are mixed economies, Russia would be closest to point 3
Though all are mixed economies, Germany would be closest to point 3
11
Coal and iron deposits found in the United Kingdom are sources of what type of resource?
capital resource
entrepreneurship
natural resource
human capital
12
How could this stoppage in production have been avoided?
Greg should have invested in new capital goods for the grommet factory.
Greg should have invested in the human capital of the employees
Greg should have obtained more natural resources for the grommet factory.
Greg should hire employees with more entrepreneurship
13
Based on the list, what conclusion can be drawn about Russia?
Russia's economy relies heavily on natural resources.
Russia's government encourages entrepreneurship.
Russia has a pure command economy.
Russia is primarily an agricultural society.
14
Which country MOST LIKELY has a high literacy rate?
Country with a high unemployment rate
Country with a high standard of living
Country with a low GDP
Country with a low tax rate
15
How does investment in capital goods affect a nation's Gross Domestic Product (GDP)?
It causes the nation's GDP to fall.
It causes the nation's GDP to rise.
It causes the nation's GDP to cease to rise or fall at any significant rate
It causes the nation's GDP to rise and fall irregularly from year to year.
16
Based on the table and your knowledge of Social Studies, what conclusion can be drawn?
There is no relationship between literacy rateand standard of living.
There is no relationship between income leveland life expectancy.
Countries with higher literacy rates have higherstandards of living.
Countries with higher literacy rates have lowerlife expectancies.
17
Must a person with a high level of entrepreneurship also have a high level of human capital?
No, a person must only be innovative and willing to take risks
No, a person must only be willing to take risks and make investments
Yes, a person must be highly educated in orderto be an entrepreneur.
Yes, a person must have worked in an industry a long time
18
Which factor is the BEST indicator of a country's human capital?
Currency Exchange Rate
The tariff rate
Literacy Rate
19
If there is a high demand for steel and cars in both countries, which situation would MOST benefit Germany and Russia?
Russia specializes in cars, Germany specializes in steel. They should trade
Russia specializes in steel, Germany specializes in car. No trade
Russia specializes in steel, Germany specializes in car. They should trade
Russia specializes in cars, Germany specializes in steel. No trading

Unit 4 - Economics of Europe Post-test Review Flashcards | StudBud