European Economics

Front

Which of the following is an advantage of a market economy? limited consumer choices, control of the price of labor, ability to sell goods at a high price, it adjusts to changes over time

Back

it adjusts to changes over time

Front

How are the prices of goods and services determined in a command economy such as the Soviet Union, North Korea, or Cuba?

Back

The government decides what it will be.

Front

Why was the European Union originally set up?

Back

Free trade with member countries

Front

Placing a cost onto trade that raises the price of the traded goods or services is a

Back

trade barrier

Front

The people who work on an assembly line are examples of

Back

specialization

Front

If a business creates new jobs, what kind of resource are they investing in?

Back

Human Capital

Front

Which type of economy allows for a high degree of individual freedom?

Back

Market

Front

What makes the decision to make (or not make) certain products in a traditional economy?

Back

Custom

Front

European countries can be described as MOSTLY what type of economy?

Back

market

Front

The European Union has positively affected the economies of Europe by

Back

lowering or eliminating barriers that slow down trade between countries