Economic Developments of Europe: Test Review

Front

What kind of economy does the society described in the text have? People learned which plants to eat and how to care for animals from their ancestors.

Back

a traditional economy

Front

What is a characteristic of pure market economies?

Back

Production decisions are based on supply and demand.

Front

Which event would cause Germany to move toward the left (more command) on the continuum?
Options:
Taxes on imports,
Laws were removed which decided what to produce.
Laws were passed to protect consumers.

Back

Laws were passed to protect consumers.

Front

Which BEST describes the United Kingdom, Germany, and Russia?

Back

Though all are mixed economies, Russia would be closest to point 3 on the diagram.

Front

What is a country that specializes in producing a certain good MOST LIKELY trying to do?

Back

export more of that good to other countries

Front

What industry does Germany specialize in?

Back

automobiles

Front

Under sanctions, no nations can trade. What is the BEST description of sanctions as an economic barrier to trade?

Back

The sanctions are an embargo.

Front

What type of trade barrier is the European Union using to limit the amount of lumber that members can import each year?

Back

a quota

Front

What do you use to determine the price of your products in other nations?

Back

a system for exchanging currencies between countries

Front

In which country are citizens MOST LIKELY to have the lowest standard of living?? Options: Germany, Russia, United Kingdom

Back

Russia