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European Economics III
Test Description: Economic continued! YUCK!
Instructions: Answer all questions to get your test result.
1) Which statement is a PRIMARY characteristic of a capitalist system?
A
governmental regulation of business
B
private ownership of property
C
graduated income tax
D
equal distribution of resources
2) All of these are found in a command economy EXCEPT
A
environmental controls.
B
minimum wage.
C
ownership of corporate stock.
D
government regulation of the economy.
3) The purpose of the founding of the European Union (E.U.) in 1993 was to
A
become an economic power to compete with the Unites States.
B
guarantee the freedom of movement of people, goods, services and capital.
C
prevent the poor from causing a revolution.
D
fight the growing global network of terrorism
4) Which of the following is not a factor of economic growth?
A
Natural Resources
B
Human Capital
C
Birth Rate
D
Capital Goods
5) What is an example of human capital?
A
an automobile factory worker
B
an oven at a bakery
C
a paint spraying machine
D
iron ore
6) The countries of the European Union place a limit of 5,000, Japanese automobiles allowed to be imported into its member countries per month. What is a likely result of the action?
A
Japan will increase trade with the European Union.
B
The European Union will fail.
C
The United States will settle the issue.
D
Japan will place its own limits on trade with the European Union.
7) Currently, the foreign exchange rate for all world currencies is
A
a floating exchange rate, based on market forces of supply and demand.
B
a floating exchange rate, based on the U.S. dollar.
C
a fixed exchange rate, based on the U.S. dollar.
D
a fixed exchange rate, based on market forces of supply and demand
8) How does the geography of the United Kingdom impact trade?
A
Other nations are too far away and cannot trade with them on a regular basis
B
It is in a part of Europe that cannot be reached during winter months
C
It can be more expensive to import and export goods because it is an island nation
D
Countries are reluctant to trade with a nation that is so far north
9) Why is a system of currency (money) exchange necessary for international trade?
A
People want to be paid in only US dollars.
B
Those buying goods on the world market only accept payment in gold and silver.
C
There must be a way to pay for goods purchased from countries with different types of currencies
D
Nearly all world currencies are worthless on the world market.
10) As of 2011 the economies of the United Kingdom, Germany, and Russia could be classified as MAINLY
A
communist.
B
market
C
traditional.
D
command.
*select an answer for all questions
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