Front

What is the main purpose of the European Union?

Back

Create greater economic unity between European countries

Front

Which type of trade barrier would guarantee that no child in the United Kingdom would be exposed to the deadly lead- based paint being exported from China?

Back

embargo

Front

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

Back

All are examples of mixed economies.

Front

What is the purpose of currency exchange?

Back

It creates fairness for trade between countries

Front

Which of the following explanations would reflect a country with a mixed economy?
- Prices and wages are solely regulated by a country’s government
- A combination of privately-owned industry and government control
- A country’s distribution of resources is based on inheritance
- Prices and wages are determined by the laws of supply and demand rather than being regulated by a country’s government

Back

A combination of privately-owned industry and government control

Front

You are a small business owner selling computer gaming consoles to teenagers and young adults. You decide on the prices for your consoles based ONLY on the following factors: How many consoles do you have in your warehouse, and how many consoles do you sell each week? Which type of economy do you have?

Back

market

Front

What 3 economic questions are asked when studying the similarities of a traditional, command and market economy among nations of the world?

Back

What to produce, how to produce, and for whom to produce?

Front

Germany is building new factories and using newer technology. What are these examples of?

Back

Investment in capital goods

Front

What would Pierre be an example of?

Back

entrepreneur

Front

As with any small island country, Ireland has fewer natural resources than countries such as Russia. How does this affect Ireland?

Back

Needs to import more products