Economic Systems
Voluntary Trade
European Union
Economic Growth
I bet you won't take a chance on these DOUBLE POINTERS
100
In which type of economic system does the government have the MOST control of the economy?
PURE COMMAND ECONOMY
100
What is a tax on imports?
a TARIFF
100
TRUE or FALSE:
The main economic reason for the formation of the European Union was to establish voluntary trade among its members
TRUE
100
If a country has a high literacy rate, what else could it have?
A HIGH STANDARD OF LIVING
100
Iron Ore, Gold, Silver, Copper, and Uranium. What are all of these?
NATURAL RESOURCES
200
What type of economic system is used for economic decisions to be based on custom and habit?
TRADITIONAL ECONOMY
200
When the United States placed a ban on importing and exporting goods to Cuba after the Cuban Missile Crisis, this was an example of which of the following trade barriers?
EMBARGO
200
What is the common currency of the European Union?
the EURO
200
How does investment in capital goods affect a nation's Gross Domestic Product (GDP)?
it causes the nation's Gross Domestic Product (GDP) to rise
200
What type of economy do the United Kingdom, Germany, and Russia all have?
MIXED ECONOMY
300
In which region illustrated on the graphic do most national economic systems belong?
2
300
The United States wants to buy 100,000 cars from Audi in Germany. Audi offers more cars are available for the US to buy but the US only wants to buy 100,000 Audi cars.
What is this called?
a QUOTA
300
Today, how many members are part of the European Union?
27
300
TRUE or FALSE:
Germany's literacy rate is 99%. Based on this information Germany has a low standard of living.
FALSE
300
A student decides to open his own lemonade stand in order to make money to buy an Xbox. This is an example of:
ENTREPRENEUR
400
In which economic system does the government encourage entrepreneurship?
MARKET ECONOMY
400
What is the purpose of a system of currency exchange?
to allow for trade between countries
400
Which European Union member state is NOT a member of the euro zone monetary union?
THE UNITED KINGDOM OR THE UK
400
Mr. Zion Heath decides to send each of his new employees to a training to teach them how to become better salesmen. This is an example of:
INVESTING IN HUMAN CAPITAL
400
What is it called when focusing on a narrow range of products/services that can be produced most efficiently?
SPECIALIZATION
500
Based on the diagram, what type of economy do MOST European countries have?
A MIXED ECONOMY
500
Germany specializes in the production of automobiles. Based on this information, which statement is MOST LIKELY correct?
A - Germany has no natural resources that other countries demand.
B - Germany has a low gross domestic product and high unemployment.
C - Germany can produce automobiles more efficiently than other countries.
D - Germany sells automobiles to domestic consumers for very low prices.
C - Germany can produce automobiles more efficiently than other countries.
500
What was the name of the event that led to the United Kingdom leaving the European Union?
Brexit
500
Based on the list, what conclusion can be drawn about Russia?
Russia's economy relies heavily on natural resources.
500
A country wants to increase its gross domestic product. The government votes to lower corporate taxes. It also makes it easier to start businesses by reforming regulations. To help business owners succeed, the government also provides training programs on how to run a business.
What do they want to encourage?
ENTREPRENEURSHIP
750
What are the three economic questions that every country must answer?
1 - What to produce?
2 - How to produce?
3 - For whom to produce?
750
If Jayla Smith, a citizen of Russia wishes to travel to the United Kingdom for vacation, she should first visit which institution in order to exchange their Russian rubles for British pounds?
A BANK
750
Name a European country (besides UK) that is not part of the EU. Why not?
Turkey -- culture, stability, & location to the Middle East
Switzerland has one of the world’s highest standards of living & prefers its economy to not be regulated under the EU.
The EU has strict limits on the fishing industry, & Iceland does not want the EU’s control on its most important economic activity.
Russia prefers to be an independent world leader over its own resources and economy.
750
Many factories in Russia cannot efficiently produce goods because they have old, outdated machinery. Based on this information, what would MOST improve the Russian industrial sector?
INVESTING IN CAPITAL GOODS
750
How are the economies of the United Kingdom, Germany, and Russia different?
Russia's economy is more towards the command side than the UK and Germany's economies