Europe Econ

Front

Which statement about the economies of the United Kingdom and Germany is correct? Options: Both are command, Both are market, Both are mixed, Both are traditional

Back

Both are mixed

Front

How does the United Kingdom answer the three basic economic questions in a mixed, market-leaning economy?

Back

Private citizens decide what goods to produce, how to produce them, and for which consumers to produce them based on supply and demand, but must follow government regulations.

Front

In which type of economic system do entrepreneurs have the MOST freedom to start new businesses? Options: pure command economy, traditional economy, pure market economy, mixed economy

Back

pure market economy

Front

What kind of economy does the society described in the text have?

Back

a traditional economy

Front

What is a characteristic of pure command economies?

Back

The government controls major industries

Front

How are the economies of the United Kingdom, Germany, and Russia different?

Back

The Russian economy is more command-leaning than the UK and German economies.

Front

The European Union would be more likely to set a trade embargo on an outside country instead of a tariff if its goal were to

Back

enforce a penalty against that country.

Front

Which economic feature exists in the eurozone of the European Union?

Back

a common currency

Front

If a citizen of Russia wishes to travel to the United Kingdom for vacation, they should first visit which of these institutions in order to exchange their Russian rubles for British pounds? Options: a bank, a stock market, any British store, any Russian store

Back

a bank

Front

In order to protect its steel industry, the European Union limits the amount of steel that members can import each year. What type of barrier to trade is this an example of?

Back

a quota