Europe: Economics

12. Which of the following is NOT one of the basic questions that all economic systems must answer?

• What to produce?
• How to produce?
• How much to produce?
• For whom to produce?

13. How are goods and services exchanged in a traditional economy?

• through prices and wages
• through government regulation
• through bartering
• through shortages and surpluses

14. Most democratic nations (like United Kingdom, Germany, and Russia) have ________ ______ economies.

• traditional
• command
• market
• mixed market
• mixed command

15. What is this diagram known as?

• Imports/Exports of a Country
• Literacy Rate Measurement
• Economic Continuum

16. When countries engage in voluntary trade---each expects to be:

• unhappy
• bilingual
• better off after the trade
• to have an embargo

17. A sixth grade student at FMS decided to open an ice cream station. The counter, scoop and freezer are examples of which "factor of production"?

• natural resource
• human resource
• capital resource
• entrepreneur

18. Which factor of production is missing from this list? HUMAN Resources, CAPITAL Resources, Entrepreneur, __________________.

• people
• tools
• politicians
• natural resources

20. What do the economies of the United Kingdom, Germany, and Russia all have in common? They are all _____________ ____________ economies.

• mixed market
• traditional
• command
• market
• mixed command

21. the total values of all the goods and all the services produced in a country in one year....

• Literacy Rate
• Currency Exchange
• Gross Domestic Product

22. a government tax on imports

• Tariff
• Embargo
• Quota
• Literate