Economics Of Europe Question Preview (ID: 33658)

Assessment Review.[print questions]

What is the purpose of a tariff?
a) to decrease the price of imported goods
b) to increase the price of imported goods
c) to increase the price of exported goods
d) to decrease the price of exported goods

A factory that builds only cars in an example of
a) scarcity
b) specialization
c) interdependence
d) opportunity cost

In a market economy (free market), prices are determined by
a) the government
b) traditions
c) supply and demand
d) the government and citizens

What is the best example of specialization?
a) a large business makes a variety of goods
b) a country has a large number of imports but no exports
c) a farmer grows crops, harvests crops, and sells them in individuals and businesses
d) a factory builds seats that will be sold to different car manufacturers to be installed in a variety of cars

Which of the following would reflect a country with a mixed economy?
a) a country's distribution of power based on inheritance
b) prices and wages are solely controlled by the government
c) a combination of privately-owned industry and government control
d) prices and wages are determined by supply and demand only with no government control

In which economic system does a single authority decide what is produced?
a) market
b) public
c) traditional
d) command

Which European country would be closest to COMMAND on the economic continuum?
a) Cuba
b) Russia
c) UK
d) Australia

What word is a synonym for currency?
a) euro
b) money
c) rubles
d) dollar

A tax (fee) paid on imports is called a
a) export
b) import
c) tariff
d) quota

Which one of the following is NOT an example of a market economy?
a) The dictator of Cuba makes all economic decisions.
b) Businesses choose what to produce.
c) Someone is able to start their own nail salon.
d) Kroger decides not to sell Coke products.

Most countries in the world use which economic system?
a) mixed
b) command
c) market
d) traditional

Which economic terms means to 'make'?
a) producing
b) consuimg
c) distributing
d) quota

A person who purchases a product is performing which economic activity?
a) producing
b) consuming
c) distributing
d) quota

When customs, practices, and traditions are passed down from generation to generation to determine what and how to produce, a country has a
a) mixed economy
b) market economy
c) command economy
d) traditional economy

In which economic system does the government make all economic decisions?
a) command
b) market
c) mixed
d) traditional

A number limit on the amount of goods allowed to be imported is a
a) export
b) import
c) tariff
d) quota

The science that deals with the production, distribution, and consumption of goods and services is known as...
a) culture
b) economics
c) government
d) literacy

Who owns businesses and determines what to produce in a market economy?
a) Government
b) citizens
c) government and citizens
d) traditions

In a market economy, the price of a pound of beef
a) never changes
b) rises a little bit each year
c) is set by the governmnet
d) depends on how much beef is available and how many people want to buy it

Which of the following is NOT another name for a free market economy?
a) Capitalism
b) command
c) free enterprise
d) laissez-faire

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