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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
equal distribution of resources
B
private ownership of property
C
graduated income tax
D
governmental regulation of business
2) All of these are found in a command economy EXCEPT
A
government regulation of the economy.
B
minimum wage.
C
environmental controls.
D
ownership of corporate stock.
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
guarantee the freedom of movement of people, goods, services and capital.
C
prevent the poor from causing a revolution.
D
become an economic power to compete with the Unites States.
4) Which of the following is not a factor of economic growth?
A
Human Capital
B
Birth Rate
C
Natural Resources
D
Capital Goods
5) What is an example of human capital?
A
a paint spraying machine
B
an automobile factory worker
C
an oven at a bakery
D
iron ore
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 United States will settle the issue.
B
Japan will increase trade with the European Union.
C
Japan will place its own limits on trade with the European Union.
D
The European Union will fail.
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
It can be more expensive to import and export goods because it is an island nation
B
It is in a part of Europe that cannot be reached during winter months
C
Other nations are too far away and cannot trade with them on a regular basis
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
communist.
C
command.
D
traditional.
*select an answer for all questions
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