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European Economics
Test Description: Economics for all!
Instructions: Answer all questions to get your test result.
1) In the United Kingdom, who decides which goods will be produced and sold?
A
the prime minister
B
business owners
C
citizens
D
the monarch
2) Which country owns most of the large and important industries within its borders?
A
Germany
B
Russia
C
none of these
D
United Kingdom
3) Which is LEAST likely to be found in Europe?
A
traditional economy
B
market economy
C
command economy
D
capitalism
4) Because most economies have characteristics of the command economy and the market economy, we say they are
A
communist.
B
hybrid.
C
free.
D
mixed.
5) Which type of trade barrier involves a limit on goods brought into the country?
A
tariff
B
embargo
C
voluntary exchange
D
quota
6) In order to help Russian farmers sell more food, some people want to put a tax on the food imported from other countries. This is an example of a(n)
A
tariff.
B
voluntary exchange.
C
embargo.
D
quota.
7) Which might make an embargo against a country successful?
A
People in the country are not affected by the embargo.
B
Merchants are able to continue doing business.
C
The citizens in the country suffer because of the embargo and demand a change from their government.
D
The country does not need to trade with other countries.
8) What is the currency people use in much of the EU called?
A
pound
B
ruble
C
euro
D
dollar
9) What is the currency of Russia?
A
pound
B
euro
C
ruble
D
dollar
10) What is a problem with exchanging currency?
A
People make more money by trading currency.
B
It costs more to do business because banks charge fees for exchanges.
C
Most people want to use American dollars to trade.
D
Banks do not like to exchange their money for other currencies.
11) Which is an example of investing in human capital?
A
highways
B
factories
C
education
D
cash
12) A country that does not invest in human capital will have problems because
A
businesses will not pay the taxes to pay for good schools.
B
workers will learn on their own the skills they need.
C
there will be no money to pay its workers.
D
workers who are not educated, skilled, and healthy are less productive.
13) What is human capital?
A
the cash a business has to spend
B
a country’s standard of living
C
investment in the workers of a business or country
D
the buildings, equipment, and property owned by a business
14) Which is an example of investing in physical capital by a company?
A
keeping old computers in order to save money
B
training workers to do their jobs better
C
keeping old delivery trucks
D
constructing a new factory
15) The Soviet Union did not invest in capital improvements, so Russian workers today
A
have shut down their factories until new ones are built.
B
are not as productive as workers in other countries.
C
do not want to increase their standard of living.
D
work in brand new factories and are very productive.
16) Which is an example of a natural resource?
A
automobiles
B
education
C
forests
D
highways
17) Which natural resources have helped the Russian economy in the twenty-first century?
A
highways and factories
B
machines and equipment
C
oil and natural gas
D
education and health care
18) Why is a country better off if it does not have to import natural resources?
A
People in other countries don’t want to sell their natural resources.
B
Buying from other countries costs more money.
C
Businesses have a hard time using the natural resources that are located nearby.
D
Other countries may need the resources.
19) Which is an example of an entrepreneur?
A
people who operate a hospital
B
a person who uses her money to start a business selling cell phones
C
a person who runs a government-owned coal mine
D
roofers who work for a business owned by an individual
20) Which is a way that entrepreneurs help increase a country’s GDP?
A
working to increase the amount of goods and services bought by a country
B
providing the ideas to start and expand businesses
C
creating businesses that give people jobs
D
writing laws to protect personal property
*select an answer for all questions
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