Europe Economy & Government Test Review

Front

A country that has aspects of a market economy plus a command economy is called a ___________.

Back

Mixed Economy

Front

In which economic system are entrepreneurs MOST likely to exist? Options: Command Economy, Market Economy, Traditional Economy, Communist Economy

Back

Market Economy

Front

Why is it important for a country to invest in human capital?

Back

Countries that invest in the education and training of their people usually have a higher GDP.

Front

Which is an example of a quota?

Back

China allows only 345,000 Ford Mustangs into their country each year.

Front

Which is an example of an embargo?

Back

China refuses to buy Ford Mustangs from the USA.

Front

Which is an example of an tariff?

Back

China charges 7.9% tax on Ford Mustangs imported into their country.

Front

How does literacy rate affect standard of living?

Back

The higher the literacy rate the higher the standard of living.

Front

What is standard of living?

Back

The level of material comfort as measured by the goods, services, and luxuries available to an individual, group or nation.

Front

Literacy rate is...

Back

the amount of people who can read and write in a certain country

Front

In which type of economy does the government make all decisions about what can be bought and sold? Options: traditional, command, market, mixed

Back

command