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European Economics III
Test Description: Economic continued! YUCK!
Instructions: Answer all questions to get your test result.
1) Which statement is a PRIMARY characteristic of a capitalist system?
A
graduated income tax
B
governmental regulation of business
C
private ownership of property
D
equal distribution of resources
2) All of these are found in a command economy EXCEPT
A
minimum wage.
B
ownership of corporate stock.
C
environmental controls.
D
government regulation of the economy.
3) The purpose of the founding of the European Union (E.U.) in 1993 was to
A
fight the growing global network of terrorism
B
become an economic power to compete with the Unites States.
C
prevent the poor from causing a revolution.
D
guarantee the freedom of movement of people, goods, services and capital.
4) Which of the following is not a factor of economic growth?
A
Capital Goods
B
Natural Resources
C
Birth Rate
D
Human Capital
5) What is an example of human capital?
A
iron ore
B
an automobile factory worker
C
an oven at a bakery
D
a paint spraying machine
6) The countries of the European Union place a limit of 5,000, Japanese automobiles allowed to be imported into its member countries per month. What is a likely result of the action?
A
The European Union will fail.
B
Japan will place its own limits on trade with the European Union.
C
Japan will increase trade with the European Union.
D
The United States will settle the issue.
7) Currently, the foreign exchange rate for all world currencies is
A
a fixed exchange rate, based on market forces of supply and demand
B
a floating exchange rate, based on market forces of supply and demand.
C
a floating exchange rate, based on the U.S. dollar.
D
a fixed exchange rate, based on the U.S. dollar.
8) How does the geography of the United Kingdom impact trade?
A
Other nations are too far away and cannot trade with them on a regular basis
B
It is in a part of Europe that cannot be reached during winter months
C
It can be more expensive to import and export goods because it is an island nation
D
Countries are reluctant to trade with a nation that is so far north
9) Why is a system of currency (money) exchange necessary for international trade?
A
Nearly all world currencies are worthless on the world market.
B
People want to be paid in only US dollars.
C
Those buying goods on the world market only accept payment in gold and silver.
D
There must be a way to pay for goods purchased from countries with different types of currencies
10) As of 2011 the economies of the United Kingdom, Germany, and Russia could be classified as MAINLY
A
market
B
traditional.
C
command.
D
communist.
*select an answer for all questions
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