European Economics II Question Preview (ID: 39681)


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Which statement describes one advantage of a market economy
a) A high degree of individual freedom is offered.
b) A large bureaucracy is required to make economic decisions.
c) The government owns the productive resources.
d) Nonproductive resources are rewarded.

If the United Kingdom was to stop all trade with Russia because Russia was not protecting freedom of speech this would be
a) an embargo.
b) a tariff.
c) a quota.
d) a dictator.

Which organization was created to make trade between its members easier
a) United Nations
b) NATO
c) European Union
d) NAFTA

What is the currency used by 23 of the 28 members of the European Union?
a) the Peso
b) the Kronar
c) the Ruble
d) the Euro

In a command economy, how are the prices of goods and services determined?
a) business owners
b) the central government
c) supply and demand
d) the citizens

Imposing some sort of cost on trade that raises the price of the traded products is MOST LIKELY an example of
a) a trade surplus.
b) a trade barrier.
c) a trade deficit.
d) a trade incentive.

Which of these BEST represents capital investment for a company?
a) advertising
b) renting space
c) buying new equipment
d) hiring new employees

A protective tariff is intended to protect the
a) consumer from higher prices on foreign goods.
b) consumer from higher priced goods produced within the country.
c) manufacturer from higher prices on materials produced within the country.
d) manufacturer or farmer from lower priced goods imported into the country.

If France only allowed 10,000 bicycles to be imported from China, this would be a _____________.
a) tariff
b) quota
c) embargo
d) capitalism

If Germany put a tax of $10 on video games being imported from Japan, this would be a __________.
a) tariff
b) quota
c) embargo
d) communism

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