Europe Trade & Economies

Which is not one the three economic questions that every country must answer?

• What to produce?
• How to produce?
• For who to produce?
• How to consume?

Why do countries specialize?

• Because no country has all of the resources necessary to produce all the good its animals need
• Because all countries have all of the resources necessary to produce all the good its people need
• Because no country has all of the resources necessary to produce all the good its people need
• Because no country has none of the resources necessary to produce all the good its people need

How do members of  traditional economic trade goods

• Bartering
• Suppling
• Fishing 
• Making hats 

What are two advantages to specialization 

• lower demand and faster supply
• lower legislation faster production
• lower cost and slower production
• lower cost and faster production

How does a command economic system answer the 3 economic questions

• Government makes all decisions
• Government makes some decisions
• Government makes no decisions
• Government makes all choices for citizen lives

Which type of trade barrier to trade is similar to the economic term tax

• emboss 
• tarriff
• turf
• embargo

What type of economic system do most democratic countries have?

• Traditional 
• Command
• Market
• Mixed

Give an example of a pure market economy

• The United States
• There are none but the Russia is close
• There are none but the US is not close
• There are none but the US is close

What type of economic system is found in the UK

• Mixed (closer to market)
• Command(closer to market)
• Tradition (closer to market)
• Mixed(closer to Mexico)

Why might a government set a quota on foreign goods? 

• To protect domestic business from domestic competition
• To protect foreign business from foreign trade
• To protect domestic business from foreign competition
• To protect all business from all trade