Europe Economics

What type of economy does this family describe?

 Grandfather – Blacksmith

 Father – Welder

 You - Boilermaker

• Mixed

• Market

• Traditional

• Command

In a market economy, economic decisions are based on

• What previous generations produced

• What resources are available

• What the government says

• Consumer demands

Who makes all decisions in a pure command economy?

• Prime Minister

• President

• Government

• Citizens

4. What type of economy does Figure 2 represent?

Figure 2: The government protects private property and intellectual rights. Citizens are free to start their own businesses with some rules and regulations. Government only regulates the agricultural sector.

• Mixed

• Pure Market

• Pure Command

• Traditional

Majority of all economies in Europe are

• Command

• Market

• Mixed

• Traditional

Looking at Figure 3, Russia is most likely

• A

• B

• C

• D

Looking at Figure 3, the U.K. is most likely

• a

• b

• c

• d

During the Cold War, which letter would represent the Soviet Union in Figure 3?

• A

• B

• C

• D

Which country’s government owns and subsidizes their energy sector? A. France B. Germany C. United Kingdom D. Russia

• France

• Germany

• United Kingdom

• Russia

Which statement is true regarding the European Union?

• It includes multiple currencies.

• It guarantees economic growth.

• It allows countries to trade freely among member nations.

• It creates trade barriers against those not in the EU.