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Economics Of Europe
Test Description: Assessment Review
Instructions: Answer all questions to get your test result.
1) Who owns businesses and determines what to produce in a market economy?
A
citizens
B
government and citizens
C
Government
D
traditions
2) The science that deals with the production, distribution, and consumption of goods and services is known as...
A
government
B
literacy
C
economics
D
culture
3) In which economic system does the government make all economic decisions?
A
traditional
B
mixed
C
market
D
command
4) A number limit on the amount of goods allowed to be imported is a
A
quota
B
tariff
C
import
D
export
5) When customs, practices, and traditions are passed down from generation to generation to determine what and how to produce, a country has a
A
traditional economy
B
mixed economy
C
command economy
D
market economy
6) Which economic terms means to 'make'?
A
consuimg
B
quota
C
producing
D
distributing
7) A person who purchases a product is performing which economic activity?
A
distributing
B
quota
C
consuming
D
producing
8) Most countries in the world use which economic system?
A
market
B
traditional
C
mixed
D
command
9) What word is a synonym for currency?
A
rubles
B
dollar
C
euro
D
money
10) A tax (fee) paid on imports is called a
A
import
B
quota
C
tariff
D
export
11) Which one of the following is NOT an example of a market economy?
A
Kroger decides not to sell Coke products.
B
Someone is able to start their own nail salon.
C
Businesses choose what to produce.
D
The dictator of Cuba makes all economic decisions.
12) In which economic system does a single authority decide what is produced?
A
traditional
B
command
C
public
D
market
13) Which European country would be closest to COMMAND on the economic continuum?
A
UK
B
Russia
C
Cuba
D
Australia
14) Which of the following would reflect a country with a mixed economy?
A
prices and wages are solely controlled by the government
B
a combination of privately-owned industry and government control
C
prices and wages are determined by supply and demand only with no government control
D
a country's distribution of power based on inheritance
15) What is the best example of specialization?
A
a factory builds seats that will be sold to different car manufacturers to be installed in a variety of cars
B
a country has a large number of imports but no exports
C
a large business makes a variety of goods
D
a farmer grows crops, harvests crops, and sells them in individuals and businesses
16) In a market economy (free market), prices are determined by
A
the government
B
the government and citizens
C
traditions
D
supply and demand
17) A factory that builds only cars in an example of
A
opportunity cost
B
interdependence
C
specialization
D
scarcity
18) What is the purpose of a tariff?
A
to increase the price of exported goods
B
to increase the price of imported goods
C
to decrease the price of imported goods
D
to decrease the price of exported goods
19) In a market economy, the price of a pound of beef
A
is set by the governmnet
B
depends on how much beef is available and how many people want to buy it
C
rises a little bit each year
D
never changes
20) Which of the following is NOT another name for a free market economy?
A
command
B
Capitalism
C
laissez-faire
D
free enterprise
*select an answer for all questions
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