Economy of Europe (NP) Quiz

In what type of economy system does the government control what is produced and how it is produced?

• command

• mixed

• traditional

• market

In a market economy, what determines what will be produced and how much consumers will pay?

• surplus

• the government

• supply and demand

• gross domestic product

In what economic system are the citizens able to own private land, operate their own businesses, and make most of the economic decisions?

• market

• traditional

• command

Countries like UK and Germany have a great deal of citizen participation in the economy and the government has limited involvement. What is the system called?

• command

• traditional

• mixed

• market

What figure represents the total value of all goods and services produced by a country in a year per person?

• standard of living

• supply and demand

• capital goods

• gross domestic product (GDP)

This phrase describes the amount of goods that people want and need.

• standard of living

• gross domestic product

• supply and demand

• surplus

Raw materials from Earth that people use to make products and earn money are called

• gross domestic products

• capital goods

• natural resources

• entrepreneurs

Citizens in a country with a high GDP typically enjoy a higher standard of living and have ___________ economic freedom.

• more

• less

• no

• total

Most countries in Europe are _________ economies, meaning they are part market and part command.

• comket

• mixed

• markmand

• democratic

What are the three types of economies?

• traditional, command, market

• democracy, autocracy, dictatorship

• market, mixed, traditional

• command, communist, traditional