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Economics (Europe)
Economics (Europe)
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6th grade econ
Flashcards
32 cards
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Questions
32
Answers
1
Which economic system is least likley to exist in modern day Europe?
Traditional
Capitalist
Market
Mixed
2
Economic systems which businesses make most of the decisions with some gov't interefernce is
Mixed
Command
Traditional
Market
3
If you design clothes, price and sell them yourself, what type of econ system exists?
Traditional
Communist
Market
Command
4
Why was the EU formed?
To rebuild Europe politically, economically, and militarily
To defeat the US
To be like the US
To solve environmental issues
5
How do entrepreneurs help increase a country's GDP?
Creating jobs
Placing quotas on goods
Placing tariffs on goods
Making laws to protect their goods
6
The total value of all goods and services is known as ___________.
Human Capital
GDP
Capital Goods
Capital Investments
7
Why do EU member countries volunteer to use the Euro?
To stop counterfeiting.
To have a common currency
To increase tariffs.
To have more trade barriers.
8
What must countries with different types of money pay for in order to trade?
Embargoes
Currency Exchange
Quotas
Tariffs
9
A person who starts their own business is called a(n) ____________.
Surplus
Opportunity
Employee
Entrepreneur
10
When the literacy rate of a country goes up, the GDP typically _____________.
goes down.
goes up.
becomes smarter.
stays the same.
11
When trade between two countries comes to a halt, it is most likely due to a(n) ________.
Embargo.
Tariff
Quota
Subsidy
12
Since EU members do not pay tariffs, they participate in ___________.
Free Trade
Subsidies
Embargoes
Currency Exchange
13
Why type of economic system did the old USSR have?
Market
Command
Mixed
Traditional
14
What do the economic systems of RU, UK, and DE have in common?
Mixed, leaning towards market.
Pure Markets.
Pure Commands.
Mixed, leaning towards command.
15
Who decide which goods will be produced and sold in the UK?
Businesses
Queen
Prime Minister
Parliament
16
What are the 3 key economic questions?
What is our opportunity cost,what resources,when to produce?
What is needed, how to get it, who will get it?
What to produce, how to produce, for whom to produce?
What to produce, why to produce, when to produce?
17
The purpose of a quota is to ____________________.
increase the GDP.
have free trade.
stop all trade.
Set limits on imported goods
18
What type of economy most likely existed in Nazi Germany?
Mixed
Traditional
Command
Market
19
Which country has difficulty trading due to frozen trade lanes?
Spain
Russia
France
United Kingdom
20
Which is NOT a barrier to trade?
Tariff
Embargo
Currency Exchange
Free Trade
21
Economic systems that rely on customs passed down from generation to generation are called ___.
Command
Market
Traditional
Mixed
22
After the Cold War, Russia's economy ________________________.
was a pure command economy.
was a pure market economy.
was transitioning from a command to a market economy.
was transitioning from a market to a command economy.
23
In a lawn cutting business, the lawntractor is an example of what?
Natural Resource
Entrepreneurship
Capital Resource
Human Resource
24
Why is it easier for the UK and Italy to trade?
Size of the countries
High tariffs
Access to water
Abundance of natural resources
25
A large amount of natural resources in a country mosty likely causes the country to __________.
trade more making the GDP lower
place embargoes on all traded goods
trade more making the GDP higher
trade less making the GDP lower
26
Low literacy rates = _______ GDP
Low
High
27
What is the best choice of human capital?
Technology
A worker
Machinery
Training
28
An example of investing in capital goods is _______________.
training a worker to work a cash register
A country improving its literacy rate
a company buying new computers for its employees
a college student getting a degree
29
When individuals make most business decisions, like the UK and DE, they lean towards more of a
Market Economy
Traditional Economy
Mixed Economy
Command Economy
30
A tax put on an imported good is called a(n) _______________.
Currency Exchange
Tariff
Embargo
Quota
31
A construction worker, a nurse, and a mechanic are examples of what?
Capital Investments
Natural Resources
Capital Goods
Human Resources
32
In a Command Economy, the _______________ makes most of the economic decisions.
Businesses
Government
People
Citizens
