Unit 04 - European Economics

I live in a country where the citizens get to decide what products they want to make or buy.  They also get to decide who they want to sell their products to.  However, the government makes some rules about economic decisions in order to protect those people who may want to buy the product.  What type of economy do I live within?

• Mixed

• Pure Market

• Pure Command

• Traditional

I live in a country where I get to decide if I want to open my own business.  I get to decide what product or service I would like to provide, and I get to decide who I want to sell my product to.  I get to make all of these economic decisions without any involvement from the government.  What type of economy do I live in?

• Mixed

• Pure Market

• Pure Command

• Traditional

Based on the United Kingdom's location on the economic continuum, it can best be described as:

• Market-leaning

• Command-leaning

• Pure Market

• Traditional

• Pure Command

Which statement accurately describes a similarity between the United Kingdom, Germany, and Russia's economic systems?

• They are all pure market economies

• They are all pure command economies

• They are all mixed economies

• They are all traditional economies

Which statement accurately describes a similarity between the United Kingdom, Germany, and Russia's economic systems?

• They are all command-leaning

• They are all pure command economies

• They are all market-leaning

Which country has the highest amount of government regulation and control of the economy?

• A

• B

• C

• All of these

Russia's economy can be best represented by which letter on the graph?

• A

• B

• C

• None of these

The photo below represents a community that practices a specific economic system in Russia. These people do not have formal banking or currency, instead they typically trade through bartering. Which economic system does this photo represent?

• Market

• Command

• Mixed

• Traditional

Which country is being described in the statements below?

1. Mixed, market-leaning

2. Government regulates industries and sets some prices

3. The economy struggled after reunification, but has still become more and more market leaning.

• United Kingdom

• Germany

• Russia

Which country is being described in the statements below?

1. Government controls many key resources like natural gas and oil.

2. Most command-leaning of the 3 countries

3. Has been moving away from command and closer to market since the fall of of the Soviet Union in 1991

• United Kingdom

• Germany

• Russia