Economics Of Europe Part II Question Preview (ID: 39597)

Test Review.

The UK has found toxic paint in toys imported from China. What type of trade barrier would ensure that no child in the UK will be harmed by these toys?
a) tariff
b) quota
c) embargo
d) exchange rate

The US decided to put a limit on the number of European cars that can be imported. This is an example of _________________.
a) a tariff
b) a quota
c) an embargo
d) an exchange

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

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

In which economic system does the government make all the 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

When customs, practices, and traditions are passed down this is a _______ economy
a) mixed
b) market
c) command
d) traditional

Which economic term means 'to make'?
a) producing
b) consuming
c) distributing
d) none of the above

A person who purchases an item is performing which activity?
a) producing
b) consuming
c) distributing
d) none of the above

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

What word is a synonym for currency?
a) Euro
b) money
c) dollar
d) Rubles

A tax 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 making all the economic decisions.
b) Businesses choosing what products to produce
c) someone being able to start their own nail salon
d) Kroger deciding not to sell coke anymore

In a market economy (free market) who decides the prices
a) government
b) traditions
c) supply and demand
d) government and citizens

What is an export?
a) products a country sells to another country
b) a tax charged on goods
c) products a country buys from another country
d) a number limit on goods

In which country would it be most difficult to start your own business
a) germany
b) uk
c) russia
d) united states

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