Economics Exam Review

Basic economic questions:

​ (a)   to produce?

How to produce?

For ​ (b)   to produce?

• whom
• What
• Why
• Where
• When

Supply and demand determines the price in a ​ (a)   economy.

• market
• command

What country on the economic continuum would rely on supply and demand to determine prices?

How can you compare the economies of the United Kingdom, Germany, and Russia? 

• The Russian economy is more command-leaning than the UK and German economies.

• The UK economy is more command-leaning than the UK and Russian economies.

Where would Russia and Germany be on the economic continuum?

a

b

Russia

Germany

Entrepreneurship​ is encouraged MORE in a (a)   -leaning economy.

• market
• command

Trade Barriers.

• Embargo

• Tax

• Quota

• NO TRADE

• Tariff

• Limit

How does the EU help the member nations?

The European Union​ does not use ​ (a)   against members.

• trade barriers
• free trade

Why is trade simpler with members of the European Union?

• There are no trade barriers between members.

• The EU uses lots of tariffs between members.

• The EU does not allow the USA to join.

Countries with ​ (a)   literacy rates have higher ​ (b)  

• higher
• standards of living.
• lower