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Economics Europe
Test Description: Types of economies, trade, types of economies, and economics 101.
Instructions: Answer all questions to get your test result.
1) United Kingdom, Russia, and Germany all have__________________.
A
mixed economies
B
healthcare run by private businesses
C
economies free of government control
D
command economies
2) After Halloween a store still has extra candy to sell. The supply is too high, and demand is low. What can the store do to increase the demand and sell the candy?
A
none of the choices
B
raise the price of the candy
C
find even more candy to sell
D
lower the price of the candy
3) The ____ of a decision is the value of the good or service given up.
A
efficiency
B
opportunity cost
C
scarcity
D
economics
4) In a command economy, citizens_______________.
A
must follow the economic plan created by the government
B
can control the private ownership of their property
C
base their economic decisions on traditional gender roles
D
have the personal freedom to purchase new land and own businesses
5) An entrepreneur must ___________________________.
A
have great ideas
B
all of the choices
C
be willing to take financial risks
D
have mix of human, natural, and capital resources to be successful
6) Trade barriers come in the form of_______________.
A
embargoes
B
tariffs
C
imports
D
embargoes and tariffs
7) Which statement describes a traditional economy?
A
A monarch decides who produces what and how much.
B
The government owns the means of production.
C
People usually produce only what they need.
D
Only entrepreneurs are allowed to export foreign goods.
8) Volkswagon buikds a new factory. This is an example of investment in ...
A
human capital
B
natural resources
C
human resources
D
capital goods
9) Which of the following statements about the use of resources is not one of the questions of production?
A
Where are resources used?
B
For what are resources used?
C
For whom are resources used?
D
How are resources used?
10) Which of the following is an example of portfolio investment?
A
Swiss Bank buys Union Bank of the United States.
B
An American puts $10,000 into a money market fund.
C
All of the choices.
D
An American places funds in a savings account in the United Kingdom.
11) The amount of a product you have is called?
A
capital
B
demand
C
supply
D
budget
12) Someone who makes something to buy and sell is called...
A
producer
B
consumer
C
production
D
trade
13) The person or party that purchases the products is called...
A
production
B
trade
C
producer
D
consumer
14) A great variety of goods and services is characteristic of _______________.
A
a market economy.
B
all economic systems.
C
a command economy.
D
a traditional economy.
15) North Korea is an example of____________________________.
A
a command economy.
B
capitalism.
C
free enterprise.
D
a market economy.
16) Which group of people determines the products that a free enterprise economy produces?
A
property owners
B
local officials
C
Congress
D
consumers
17) An economic system is successful when it______________________________.
A
creates a large number of wealthy people.
B
satisfies the needs of its people.
C
maintains normal unemployment levels.
D
controls government agencies.
18) Changes in a market economy tend to be__________________________.
A
discouraged.
B
slow.
C
prohibited.
D
rapidly occurring.
19) Which type of trade barrier involves a limit on imports?
A
embargoes
B
voluntary exchange
C
tariff
D
quota
*select an answer for all questions
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