Europe Economics Quiz

Imposing a tax on an imported good is a

• trade barrier

• trade surplus

• trade deficit

• trade incentive

Why is entrepreneurship important?

• encourages democracy and personal freedoms

• encourages human capital investments

• encourages new ideas and innovations

• encourages new investments and education

Germany, Russia, and the UK all have market economies, however, Germany and the UK are closer to marker than Russia. Why?

• Russia has more government control.

• Germany has more government control.

• UK has more government control.

• Russia does not care.

What is the currency of the European Union?

• Yen

• Peso

• Euro

• Gyro

The knowledge, skills, and relative health of a nation's labor force is...

• Capital Goods

• Human Capital

• Specialization

• allocation

Which sector normally grows a nations GDP and why?

• The private sector grows the GDP because it is operated by entrepreneurs who start businesses

• The public sector grows the GDP because it is operated by entrepreneurs who start businesses

• The private sector grows the GDP because it is operated by the government who start businesses

• The public sector grows the GDP because it is operated by the government who start businesses

What type of economy would B represent on the continuum?

• command

• market

What do we place all countries on that ranks them on a scale of 0 to 100.

• Economic Continuum

• Economic Platform

• Economic Value

• Economic Issue

How do literacy rates affect the standard of living?

• The higher the literacy rates the lower the standard of living

• The higher the standard of living, the lower the literacy rates

• The higher the literacy rates the higher the standard of living

• The lower the literacy rates the higher the standard of living

France placing a number limit on automobiles from Germany is an example of a/an:

• Tariff

• Quota

• Embargo