Economic Systems Of Europe

SS6E7a In which kind of economy is the product shared by the whole community and is based on customs and beliefs?

• Mixed

• Market

• Traditional

• Command

SS6E7a The BEST definition of “market economy” is

• an economy where individual citizens determine what gets manufactured and sold

• an economy where the government creates plans for what will be produced

• an economy where people barter for whatever is available

• an economy where both the government and producers decide what to sell.

SS6E7a In which type of economic system does the government control what a factory produces and what price it will charge for those products?

• Market

• Mixed

• Traditional

• Command

SS6E7a Which is NOT one of the three basic economic questions that all economies must answer?

• What to produce?

• How to produce?

• For whom to produce?

• How much to produce?

SS6E7c Where would Russia fall on the economic continuum?

• Line “A”

• Line “B”

• Line “C”

SS6E7c Where would Germany fall on the economic continuum?

• Line “A”

• Line “B”

• Line “C”

SS6E7c Where would the United Kingdom fall on the economic continuum?

• Line “A”

• Line “B”

• Line “C”

SS6E7c What type of economy do the United Kingdom, Germany, and Russia all have?

• mixed economy

• pure command economy

• pure market economy

• traditional economy

SS6E8a What is an advantage of specialization?

• Factories cannot produce goods as quickly

• Workers do not become experts in their jobs

• A factory can produce more goods in less time and for less money

• Businesses cannot sell as many types of goods when they specialize

In order to help German farmers sell more food, some people want to put a tax on the food imported from other countries. This is an example of a(n)?

• Embargo

• Quota

• Tariff

• Voluntary exchange