European Economics Retake!

People simply follow tradition and do whatever their ancestors did (example- If grandfather and dad were fisherman, then son will be a fisherman).

• Command Economy
• Free Market Economy
• Traditional Economy
• The Chili Economy

Which economy allows business owners and consumers to decide the basic economic questions WITH NO GOVERNMENT INVOLVED?

• Command

• Market

• Traditional

• Mixed

What is the term that refers to the fact that all economies of the world are truly a mix of market and command economies?

• Market
• Command
• Mixed
• Traditional

Which country shown on the continuum, has the LEAST free economy?

• Russia
• Germany

Which country shown on the continuum, has the MOST free economy?

• Russia
• Germany
• United Kingdom

Which type of trade barrier involves a fee placed on goods brought into a country?

• Tariff
• Quota
• Embargo
• Trade

In the 1950's the United States wanted Cuba to be capitalist, not communist. They stopped trading with Cuba to hurt their economy, and to make them change. What type of trade barrier is this?

• Embargo
• Quota
• Tariff

In order to protect orange tree farmers, a fee has been added to oranges imported from Brazil.
What type of trade barrier is this?

• Quota
• Embargo
• Tariff

an economic system in which the three main economic questions are answered by the government

• command economy
• market economy
• mixed economy
• monopoly

economic system in which the three main economic questions are answered by the interaction of buyers and sellers

• market economy
• command economy
• mixed economy
• monopoly