Economies of Europe

Front

Which is not one of the three economic questions that every country must answer? Options: What to produce?, How to produce?, For who to produce?, How to consume?

Back

How to consume?

Front

Why do countries specialize?

Back

Because no country has all of the resources necessary to produce all the good its people need.

Front

How does a command economic system answer the 3 economic questions?

Back

Government makes all decisions.

Front

What type of economic systems are mostly found in Europe?

Back

Most of them are primarily market economies with elements of command economies.

Front

What type of economic system is found in Russia?

Back

Mixed, moving away from command since 1991

Front

How do investments in human capital help improve a nation's economy?

Back

by improving the job skills of the population

Front

In a market economy, economic decisions are based on

Back

Supply and Demand

Front

A limit on imported goods is  _____________________ 

Back

a quota

Front

Tax on imported goods is ___________

Back

a tariff

Front

When a country completely stops trading with another country, it's called ____________________

Back

an embargo