European Economics

How does a traditional economy make economic decisions?

• Customs and beliefs

• Government decides

• Private businesses decide

• Private businesses decide, but the government regulates

Who makes the decisions in a command economy?

• Private businesses

• The elders

• The government

• Individuals

Most democratic countries have which type of economic system?

• Command

• Traditional

• Mixed

• Market

Which is not one of the 3 economic questions?

• What to produce

• When to produce

• How to produce?

• For whom to produce?

Which is a tax on imported goods?

• Quota

• Tarriff

• Embargo

• Physical Trade Barrier

Which is a limit on imported goods?

• Quota

• Tarriff

• Embargo

• Physical Trade Barrier

Which is a complete ban on trading

• Quota

• Tarriff

• Embargo

• Physical Trade Barrier

What is bartering?

• Trading using credit cards

• Trading using money

• Trading without using money

What does GDP per capita mean?

• It is the GDP divided by the number of capitals in the country.

• It is the GDP multiplied by the population.

• It is the GDP divided by the population.

• None of the above.

How do Russia's harsh climate, size, and few navigable rivers affects its economic development?

• Russia can easily transport goods to any country.

• Russia is the richest nation on earth.

• The land in Siberia is very easy to farm.

• Russia's natural resources are difficult to use.