Economics Review

Front

What is the sum of all the goods and services produced in a country in one year?

Back

Gross Domestic Products

Front

What is one problem of a market economy?

Back

Prices for goods can get high very quickly if demands go.

Front

In order to sell more cars, some people want to put a _____ on the number that can be imported.

Back

Quota

Front

Which is often an effect of a high literacy rate?

Back

A higher standard of living

Front

How does having natural resources help the economy of a country?

Back

The country saves money by not importing these resources.

Front

In the United Kingdom, who decides which goods will be produced and sold?

Back

business owners

Front

What is the currency people use in much of the EU called?

Back

euro

Front

Why do businesses specialize?

Back

Because they produce more goods in less time for less money.

Front

Which issues would make the U.K. a more desirable place to start a business than Russia? Options: The government in Russia owns most industries. It takes less time to start a business in Russia than U.K. Russia's courts do not protect the rights of property owners. Citizens and companies in the U.K. decide how goods are made

Back

Citizens and companies in the U.K. decide how goods are made

Front

To help farmers sell more food, people want to put a tax, or a _____, on the food imported.

Back

tariff