European Economics: Question Preview (ID: 21359)

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Which is a way that entrepreneurs help increase a country’s GDP?
a) writing laws to protect personal property
b) creating businesses that give people jobs
c) providing the ideas to start and expand businesses
d) working to increase the amount of goods and services bought by a country

Why is a country better off if it does not have to import natural resources?
a) Other countries may need the resources.
b) Buying from other countries costs more money.
c) People in other countries don’t want to sell their natural resources.
d) Businesses have a hard time using the natural resources that are located nearby.

Which natural resources have helped the Russian economy in the twenty-first century?
a) oil and natural gas
b) highways and factories
c) machines and equipment
d) education and health care

Which is an example of a natural resource?
a) forests
b) highways
c) education
d) automobiles

The Soviet Union did not invest in capital improvements, so Russian workers today
a) do not want to increase their standard of living.
b) are not as productive as workers in other countries.
c) work in brand new factories and are very productive.
d) have shut down their factories until new ones are built.

Which is an example of investing in physical capital by a company?
a) constructing a new factory
b) training workers to do their jobs better
c) keeping old computers in order to save money
d) keeping old delivery trucks

What is human capital?
a) a country’s standard of living
b) the cash a business has to spend
c) investment in the workers of a business or country
d) the buildings, equipment, and property owned by a business

Which is an example of an entrepreneur?
a) people who operate a hospital
b) a person who runs a government-owned coal mine
c) roofers who work for a business owned by an individual
d) a person who uses her money to start a business selling cell phones

Which is an example of investing in human capital?
a) cash
b) factories
c) highways
d) education

A country that does not invest in human capital will have problems because
a) there will be no money to pay its workers.
b) workers will learn on their own the skills they need.
c) businesses will not pay the taxes to pay for good schools.
d) workers who are not educated, skilled, and healthy are less productive.

What is the currency of Russia?
a) euro
b) ruble
c) dollar
d) pound

What is a problem with exchanging currency?
a) People make more money by trading currency.
b) Most people want to use American dollars to trade.
c) Banks do not like to exchange their money for other currencies.
d) It costs more to do business because banks charge fees for exchanges.

What is the currency people use in much of the EU called?
a) euro
b) ruble
c) dollar
d) pound

Which might make an embargo against a country successful?
a) Merchants are able to continue doing business.
b) People in the country are not affected by the embargo.
c) The country does not need to trade with other countries.
d) The citizens in the country suffer because of the embargo and demand a change from their government.

Which type of trade barrier involves a limit on goods brought into the country?
a) quota
b) tariff
c) embargo
d) voluntary exchange

In order to help Russian farmers sell more food, some people want to put a tax on the food imported from other countries. This is an example of a(n)
a) quota.
b) tariff.
c) embargo.
d) voluntary exchange.

Which is LEAST likely to be found in Europe?
a) capitalism
b) market economy
c) command economy
d) traditional economy

Because most economies have characteristics of the command economy and the market economy, we say they are
a) free.
b) hybrid.
c) mixed.
d) communist.

In the United Kingdom, who decides which goods will be produced and sold?
a) citizens
b) the monarch
c) business owners
d) the prime minister

Which country owns most of the large and important industries within its borders?
a) Germany
b) Russia
c) United Kingdom
d) none of these

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