European Economics 6th

Front

Because there are no pure free market or command, what are all economic systems considered?

Back

Mixed

Front

What type of economic system do most European countries have?

Back

Mixed, mostly Market

Front

Which European country listed is the least free? Russia, Germany, United Kingdom

Back

Russia

Front

How might a country's literacy rate impact it's economy?

Back

Well educated populations are part of a stable and strong economy.

Front

What is Standard of Living?

Back

The amount of wealth and quality of life of a person or community

Front

How do entrepreneurs increase a country's GDP?

Back

Create jobs by opening new businesses

Front

How do countries solve the problem of scarcity? Options: Engage in trade to purchase what they do not have, Impose tariffs to protect their country's workers, Invest in capital goods to increase production, Move closer to free market on the economic continuum

Back

Engage in trade to purchase what they do not have

Front

A business owner wants to increase the efficiency and productivity of their workers. Which of the following would be an investment in their capital goods?
Options:
Replacing old machines with new ones
Sending their workers to additional training
Starting a new business
Clearing a field to expand their farmland

Back

Replacing old machines with new ones

Front

The country of Dunce wants to increase their GDP. Their literacy rate is currently 78%. Which of the following would BEST increase their GDP? Offer jobs for all citizens, Invest in businesses by giving loans to build more factories, Build schools for all citizens to receive an education, Create incentives for citizens to start businesses

Back

Build schools for all citizens to receive an education

Front

What impact would being rich in natural resources have on a country's GDP, and why?

Back

Increase it, because they are able to produce more at a lower cost