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Economics Europe
Test Description: Types of economies, trade, types of economies, and economics 101.
Instructions: Answer all questions to get your test result.
1) United Kingdom, Russia, and Germany all have__________________.
A
healthcare run by private businesses
B
mixed economies
C
economies free of government control
D
command economies
2) After Halloween a store still has extra candy to sell. The supply is too high, and demand is low. What can the store do to increase the demand and sell the candy?
A
lower the price of the candy
B
raise the price of the candy
C
find even more candy to sell
D
none of the choices
3) The ____ of a decision is the value of the good or service given up.
A
opportunity cost
B
efficiency
C
scarcity
D
economics
4) In a command economy, citizens_______________.
A
have the personal freedom to purchase new land and own businesses
B
can control the private ownership of their property
C
must follow the economic plan created by the government
D
base their economic decisions on traditional gender roles
5) An entrepreneur must ___________________________.
A
be willing to take financial risks
B
all of the choices
C
have great ideas
D
have mix of human, natural, and capital resources to be successful
6) Trade barriers come in the form of_______________.
A
tariffs
B
imports
C
embargoes and tariffs
D
embargoes
7) Which statement describes a traditional economy?
A
The government owns the means of production.
B
Only entrepreneurs are allowed to export foreign goods.
C
A monarch decides who produces what and how much.
D
People usually produce only what they need.
8) Volkswagon buikds a new factory. This is an example of investment in ...
A
natural resources
B
human capital
C
capital goods
D
human resources
9) Which of the following statements about the use of resources is not one of the questions of production?
A
For whom are resources used?
B
Where are resources used?
C
For what are resources used?
D
How are resources used?
10) Which of the following is an example of portfolio investment?
A
All of the choices.
B
An American puts $10,000 into a money market fund.
C
An American places funds in a savings account in the United Kingdom.
D
Swiss Bank buys Union Bank of the United States.
11) The amount of a product you have is called?
A
budget
B
supply
C
capital
D
demand
12) Someone who makes something to buy and sell is called...
A
producer
B
trade
C
consumer
D
production
13) The person or party that purchases the products is called...
A
producer
B
trade
C
consumer
D
production
14) A great variety of goods and services is characteristic of _______________.
A
all economic systems.
B
a traditional economy.
C
a command economy.
D
a market economy.
15) North Korea is an example of____________________________.
A
a market economy.
B
capitalism.
C
free enterprise.
D
a command economy.
16) Which group of people determines the products that a free enterprise economy produces?
A
local officials
B
property owners
C
consumers
D
Congress
17) An economic system is successful when it______________________________.
A
creates a large number of wealthy people.
B
maintains normal unemployment levels.
C
controls government agencies.
D
satisfies the needs of its people.
18) Changes in a market economy tend to be__________________________.
A
discouraged.
B
slow.
C
rapidly occurring.
D
prohibited.
19) Which type of trade barrier involves a limit on imports?
A
tariff
B
voluntary exchange
C
embargoes
D
quota
*select an answer for all questions
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