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European economies & Factors of economic growth Flashcards | StudBud
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European economies & Factors of economic growth
European economies & Factors of economic growth
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1
If a country lowers taxes & loosens regulations on businesses, what is that country trying to do?
reduce the cost of capital goods
improve access to natural resources
eliminate borders
encourage entrepreneurship
2
How do investments in human capital help improve a nations economy?
improving job skills of the population
reducing competition between businesses
improving access to natural resources
reducing the efficiency of production
3
How do investments in capital goods increase a country’s GDP?
improve the knowledge of workers
improve the efficiency of workers
makes it easier to export goods
make it easier to start a new business
4
What is the name of the image below?
economic number line
economic
economic continuum
economic timeline
5
Which type of economy is most associated with an autocratic governement?
pure command economy
mixed economy
pure market economy
traditional economy
6
Iron, metals, & fuel are the top 3 exports from Russia. What conclusion about the Russian economy can be drawn?
Russia relies on natural resources
Russia has a pure market economy
Russia relies on manufacturing
Russia has a pure command economy
7
If a country has old, outdated machinery, what does the country need to invest in?
government regulation
capital goods
human capital
barriers to trade
8
If a country has a high literacy rate then that country has a low standard of living.
False
True
9
How does a country with a command economy answer the three economic questions?
the people decide what to produce, who produces it, & who consumes it
legislature decides what to produce, who produces it, & who consumes it
government decides what to produce, who produces it, & who consumes it
past traditions decide what to produce, who produces it, & who consumes it
10
Why are the United Kingdom & Germany some of the best nations to start a business in?
they have large markets dominated by a few corporations
their economic regulations are favorable
they don't trade with other countries which reduces competition
their governments promote specialization in manufacturing
11
How do the literacy rates in European countries affect the standard of living in Europe?
reduces the need for teachers, allowing former educators to take new jobs
increases participation in & profits from art performances
opens the door to high paying jobs in many different industries
enables fewer workers to do low-skilled jobs
12
Chalk & gypsum deposits found in the U.K. are sources of what?
entrepreneurship
human capital
natural resource
capital resource
13
Which natural resource does Russia, Germany, & the U.K. have the most of?
gold
lumber
coal
fish
14
What is an example of an investment in human capital?
a company starts using better materials
a company buys a new computer system
a company hires a lobbyist
a company pays for its workers to graduate school
15
How does a person demonstrate entrepreneurship?
invest money in the stock market
saving money
starting a business
by getting a raise at work
16
What would most likely happen if a country were to decide to provide free higher education to its citizens?
decrease in GDP & GDP per capita
increase in GDP, decrease in GDP per capita
increase in GDP & GDP per capita
decrease in GDP, increase in GDP per capita
17
Which type of economy does bartering play a role in?
pure market economy
pure command economy
traditional economy
mixed economy
18
How does a country with a market economy answer the three economic questions?
past traditions decide what to produce, who produces it, & who consumes it
the people decide what to produce, who produces it, & who consumes it
government decides what to produce, who produces it, & who consumes it
legislature decides what to produce, who produces it, & who consumes it
19
What is a characteristic of pure command economy?
the government encourages entrepreneurship
production decisions are based on cultural traditions
productions decisions are based on supply & demand
the government controls major industries
20
What type of economy does Russia, Germany, & the U.K. have?
pure market economies
pure command economies
mixed economies
traditional economies
21
Which factor is the best indicator of a country’s human capital?
the national interest rate
the literacy rate
a tariff rate
the currency exchange rate
22
·What is a characteristic of a pure market economy?
the government discourages entrepreneurship
production decisions are based on cultural traditions
the government controls major industries
production decisions are based on supply & demand
23
How do investments in technology impact a nations economy?
greater income & decrease in GDP
increase in consumer spending & rise in GDP
increase in scarcity & decrease in GDP
greater efficiency & rise in GDP
24
If a government provides education & training to its people, then its investing in its what?
natural resources
entrepreneurship
capital goods
human capital
