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