Unit 5 Europe Economy - Part I

___________ is when countries cannot produce all of the goods/ services that they need, so they must specialize in what they do best.

• Exchange rate

• specialization

• standard of living

• embargo

_______ are taxes placed on imported goods.

• Quota

• Embargo

• Tariff

• Euro

__________ are restrictions on the amount of a good that can be imported into a country.

• Quota

• Embargo

• Tariff

• Euro

In an _________, a nation forbids all trade with another country.

• Quota

• Embargo

• Tariff

• Euro

What is the common currency adopted by the European Union?

• Quota

• Embargo

• Tariff

• Euro

__________ __________ was created to promote trade between member countries. It helped to eliminate trade barriers and adopted 23 languages to help improve relations and trade.

• Exchange Rate

• Literacy Rate

• European Union

• Capital Resources

What the currency of a nation is worth in terms of another country's currency is called the _________ _________.

• Exchange Rate

• Literacy Rate

• European Union

• Capital Resources

The word ________ refers to the way that people and government make decisions about to earn and spend money.

• entrepreneur

• economy

• services

• scarcity

A product of the earth, "gift of nature," that people use to meet their needs is a ____________ ___________.

• natural resources

• capital resources

• human resources

• entrepreneurship

Roads, machinery, and computers are all examples of __________.

• natural resources

• capital resources

• human resources

• entrepreneurship