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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
governmental regulation of business
C
private ownership of property
D
graduated income tax
2) All of these are found in a command economy EXCEPT
A
minimum wage.
B
government regulation of the economy.
C
ownership of corporate stock.
D
environmental controls.
3) The purpose of the founding of the European Union (E.U.) in 1993 was to
A
guarantee the freedom of movement of people, goods, services and capital.
B
fight the growing global network of terrorism
C
become an economic power to compete with the Unites States.
D
prevent the poor from causing a revolution.
4) Which of the following is not a factor of economic growth?
A
Capital Goods
B
Birth Rate
C
Natural Resources
D
Human Capital
5) What is an example of human capital?
A
an automobile factory worker
B
a paint spraying machine
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
Japan will increase trade with the European Union.
B
The United States will settle the issue.
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 the U.S. dollar.
B
a fixed exchange rate, based on market forces of supply and demand
C
a floating exchange rate, based on the U.S. dollar.
D
a floating exchange rate, based on market forces of supply and demand.
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
Countries are reluctant to trade with a nation that is so far north
C
Other nations are too far away and cannot trade with them on a regular basis
D
It is in a part of Europe that cannot be reached during winter months
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
There must be a way to pay for goods purchased from countries with different types of currencies
C
People want to be paid in only US dollars.
D
Those buying goods on the world market only accept payment in gold and silver.
10) As of 2011 the economies of the United Kingdom, Germany, and Russia could be classified as MAINLY
A
market
B
communist.
C
traditional.
D
command.
*select an answer for all questions
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