European Economics

Front

Because there are no pure market or pure command economies, what are all countries considered?

Back

Mixed

Front

Which European country would have the LEAST free economy?

Back

Russia

Front

How might a country's literacy rate impact its economy?

Back

Well educated populations are part of a stable and strong economy.

Front

What is standard of living?

Back

The amount of wealth and comfort available to the people of a country

Front

How do entrepreneurs increase a country's GDP?

Back

They create jobs by opening new businesses

Front

A business owner wants to increase the efficiency and productivity of their workers. Which of the following would be an investment in their capital goods? Options: Replacing old machines with new ones, Sending their workers to additional training, Starting a new business, Clearing a field to expand their farmland

Back

Replacing old machines with new ones

Front

What is literacy rate?

Back

The amount of people (above the age of 15) who can read and write in a country.

Front

If a country invests in human capital, what can you assume will happen to their GDP?

Back

It will increase

Front

Which trade barrier would be the most damaging for a country to receive?

Back

Embargo

Front

What is the purpose of the European Union?

Back

To eliminate trade barriers and increase trade