Europe Trade & Economies

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 do members of traditional economic trade goods?

Back

Bartering

Front

What are two advantages to specialization?

Back

lower cost and faster production

Front

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

Back

Government makes all decisions.

Front

Which type of trade barrier to trade is similar to the economic term tax? Options: emboss, turf, embargo

Back

tarriff

Front

What type of economic system do most democratic countries have?

Back

Mixed

Front

Give an example of a pure market economy

Back

There are none but the US is close

Front

What type of economic system is found in the UK? Options: Mixed (closer to market), Command (closer to market), Tradition (closer to market), Mixed (closer to Mexico)

Back

Mixed (closer to market)

Front

Why might a government set a quota on foreign goods?

Back

To protect domestic business from foreign competition