European Economics Quick Check

Who makes the decisions in a command economy?

• Private businesses

• The government

• Individuals

Most democratic countries have which type of economic system?

• Command

• Traditional

• Mixed

Which is not one of the 3 economic questions?

• What to produce

• When to produce

• How to produce?

• For whom to produce?

What do the economic systems of the UK, Germany, and Russia have in common?

• all are examples of mixed economies

• all are examples of traditional economies

• all are examples of command economies

A country's Gross Domestic Product (GDP) is _______

• The total value of goods and services produced in one year.

• The total value of each person's income.

• The total value of all of the houses in the country.

A product of the earth (nature's gift) that people use to meet their needs is a

• Good

• Service

• Natural Resource

Which country left the EU in 2020? (Brexit)

• Britain/ United Kingdom

• Germany

• Switzerland

Which of the following is NOT a natural resource?

• Water

• Oil

• Gold

• Factories

An economic system where the government tells people what jobs they will have and what prices they will pay is called a...

• Command Economy

• Market Economy

• Barter Economy

What are the three basic economic systems:

• Command, Traditional, Market
• Autocracy, Democracy, Holland
• UK, Euro, Dollar