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Europe's Economy Flashcards | StudBud
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Europe's Economy
Europe's Economy
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#economics
Flashcards
34 cards
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Practice quiz
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Questions
34
Answers
1
What is it called when people learn to do one specific job instead of many?
specialization
russification
generalization
mortification
2
Which of the following is NOT a natural resource?
Plastic
Sun
Oil
Coal
3
Literacy Rate
The amount of people that can read and write in a country.
A lot of books.
The act of continuing.
Things that are used to make other things.
4
A negative trade balance means that the country:
It doesn't mean anything
Has a balanced budget
Has a surplus of money
Is in debt
5
UK, Germany and Russia have this type of economy: ________.
market
mixed
traditional
command
6
What is a command economy
life
food
pizza
central government decides what to produced
7
What natural resources does the UK have?
Coal, Gold, wood, oil
Emerald, silver, cobblestone, Granite, andesite
Livestock, coal, iron ore, natural gas, and petroleum
Copper, diamonds, aluminum, Brass
8
How are GDP and Literacy Rate related?
High GDP; Low Literacy Rate
High GDP; High Literacy Rate
Low GDP; High Literacy Rate
9
"The average value of goods and serviced produced by one person the in a country."
GPS
Salary
GDP
Per Capita GDP
10
What is a Traditional Economy?
Free ideas welcomed
Controlled by government
Based on lineage and familial careers
Allows free exchange
11
What is an Embargo?
When a country endorses trade from other countries
A ban on trade
When a country bounce back from the L
When a country builds a canal
12
How many types of trade barriers are there?
3
1
2
4
13
Which of the following would be a positive for thing for a country to have?
low cost of living
trade embargo
negative trade balance
high tarrifs
14
When people have specialized jobs, people must ________ to get all the things they need.
cheat
work
break dance
trade
15
The European Union began with the development of a
common market.
plural society.
consumer class.
defense organization.
16
Quota
A limit placed to lower the amount of things that are sent to a country.
All of the above.
Things in a country.
17
Which of the following countries has had a command economic system at any point?
Canada
North Korea
Russia
USA
18
Literacy Rates are…
The percentage of people who are literate (able to read and write)
Wealth rates
Government Standing
Social Status
19
Which of the following means to block trade with another country?
sanction
war
tariff
embargo
20
What is an example of physical capital?
Computers
Study of engineering
Auto mechanics
Cars
21
What are tariff barriers?
Taxes on certain imports
Rules and Regulations that made trade more difficult.
Limit placed on number of imports
22
If the the US buys shoes from China, the US is __________ shoes.
both
neither
exporting
importing
23
What is entrepreneurship?
acquiring leadership and managerial skills
marketing and selling products
setting up a business with the aim of profits
quickly advancing in positions within a corporation
24
Which of the following countries is NOT included in NAFTA?
Canada
Mexico
America
Russia
25
How many countries form the European Union
23
25
28
30
26
What are the natural resources of the UK?
gold, aluminum, diamonds
nickel, copper, uranium, coal
fishing, coal, oil
27
Why are countries concerned about economic growth?
Growing countries produce more goods and services for citizens.
A better standard of living for citizens.
Reduced standard of living per person with economic growth.
28
Physical capital and human capital make an important contribution to the output of an economy?
True
False
29
An economic system that combines elements of all the other basic systems.
Market
Mixed
Command
Traditional
30
what type of economic system does Germany have?mixed
mixed market
command
traditional
market
31
What is a market economy?
Animals running everything
A totally free economy
An economy controlled by supply and demand
An economy controlled by the government
32
Which shows the countries in order from COMMAND to Market economy on the economic continuum?
Germany, UK, Russia
UK, Germany, Russia
Russia, Germany, UK
33
Human capital is
The skills, knowledge, and experience possessed by and individual
The skills, knowledge and money possessed by an individual
The demand, knowledge, and skills possessed by an individual
The knowledge, skills, and land possessed by an individual
34
What word describes the total value of the goods and services produced by a country?
Per Capita GDP
Currency
Population
GDP
