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European Economics II
Test Description: What do you know?
Instructions: Answer all questions to get your test result.
1) A protective tariff is intended to protect the
A
manufacturer from higher prices on materials produced within the country.
B
consumer from higher priced goods produced within the country.
C
consumer from higher prices on foreign goods.
D
manufacturer or farmer from lower priced goods imported into the country.
2) If France only allowed 10,000 bicycles to be imported from China, this would be a _____________.
A
embargo
B
capitalism
C
quota
D
tariff
3) If Germany put a tax of $10 on video games being imported from Japan, this would be a __________.
A
communism
B
embargo
C
quota
D
tariff
4) Which of these BEST represents capital investment for a company?
A
buying new equipment
B
renting space
C
advertising
D
hiring new employees
5) Imposing some sort of cost on trade that raises the price of the traded products is MOST LIKELY an example of
A
a trade surplus.
B
a trade incentive.
C
a trade barrier.
D
a trade deficit.
6) In a command economy, how are the prices of goods and services determined?
A
the citizens
B
supply and demand
C
business owners
D
the central government
7) Which organization was created to make trade between its members easier
A
United Nations
B
NAFTA
C
NATO
D
European Union
8) What is the currency used by 23 of the 28 members of the European Union?
A
the Ruble
B
the Kronar
C
the Euro
D
the Peso
9) If the United Kingdom was to stop all trade with Russia because Russia was not protecting freedom of speech this would be
A
a quota.
B
an embargo.
C
a tariff.
D
a dictator.
10) Which statement describes one advantage of a market economy
A
A high degree of individual freedom is offered.
B
The government owns the productive resources.
C
A large bureaucracy is required to make economic decisions.
D
Nonproductive resources are rewarded.
*select an answer for all questions
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