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WorksheetsEuropean Economics
Total questions: 40
Worksheet time: 48mins
Name
Class
Date
1.
Which economic system would be the worst for competition between producers?
a)
command
b)
market
c)
Traditional
2.
Which economic system is found in simple agricultural societies?
a)
traditional
b)
market
c)
Command
3.
Taxes placed on imported goods are:
a)
quotas
b)
tariffs
c)
embargoes
4.
Restrictions on the amount of a good that can be imported into a country
a)
Tariff
b)
Quotas
c)
Embargoes
5.
forbid trade with another country.
a)
Quotas
b)
Embargo
c)
Tariff
6.
Countries set up to restrict trade because they want to sell and produce their own goods.
a)
imports
b)
trade barriers
c)
markets
d)
factories
7.
If the European Union voted to lift the restriction on the amount of cocoa that can be imported from West African countries, that would be an example of:
a)
tariff
b)
quota
c)
embargo
8.
To give its farmers an advantage, Nigeria has placed a high tax on imported rice. This is an example of:
a)
embargo
b)
tariff
c)
quota
9.
The UN has forbidden arms to be imported into Africa. This is an example of:
a)
quota
b)
embargo
c)
tariff
10.
In September 2008, the United States and Canada banned trade with Zimbabwe, protesting the illegal regime of its president. This is an example of:
a)
embargo
b)
tariff
c)
quota
11.
Why is specialization so valuable in international trade today?
a)
Most countries can only make one product very well.
b)
Specialization limits the amount of agriculture a country allows.
c)
Specialization always keeps the prices low on goods that are imported into a country.
d)
Specialization allows people to do a more efficient job at producing what they make best and trade for the things they want.
12.
In a command economy, the government regulates how goods and services are distributed.
a)
True
b)
False
13.
How much there is of a good or service.
a)
Incentive
b)
Supply
c)
Demand
d)
Loss
14.
When someone or a business chooses to specialize or produce certain items.
a)
Entrepreneur
b)
Economics
c)
Voluntary Exchange
d)
Specialization
15.
A person who comes up with a product or service, and finds the money and time to produce this new product.
a)
Entrepreneur
b)
Incentive
c)
Specialization
d)
Barter
16.
Resources found in nature like air, soil, sunshine, water, coal, plants, and animals.
a)
Human Resources
b)
Natural Resources
c)
Nonrenewable Resources
d)
Capital Resources
17.
Anyone who buys a good or service.
a)
Barter
b)
Loss
c)
Consumer
d)
Producer
18.
When people want or need more of something than there is.
a)
Scarcity
b)
Profit
c)
Opportunity Cost
d)
Tax
19.
Anyone who makes or grows a good or performs a service.
a)
Barter
b)
Consumer
c)
Producer
d)
Profit
20.
Scarcity is defined when a product is HARD to get. What happens to the price of the product when the item is scarce?
a)
Price Increases
b)
Price Decreases
21.
When there are a surplus of items, the product is easy to get. What happens to the price of these products?
a)
Price Increases
b)
Price Decreases
22.
Supply is the amount of goods that are available at a given time. If there is ___ of something available for sale, the supply is ___.
a)
a lot, low
b)
few, high
c)
a lot, high
23.
Demand is how many people want the goods that are available. If _____ people want the goods available, there is _____.
a)
many, high demand
b)
aren't many, high demand
c)
aren't many, low demand
d)
many, low demand
24.
If there ____ people who want the goods available, there is a ______.
a)
aren't many, high demand
b)
many, low demand
c)
aren't many, low demand
25.
embargo is
a)
an official limit on the number or amount of things that are allowed
b)
a tax on goods coming into or leaving a country
c)
A government order that ends trade in some way.
26.
A tax on goods a country imports
a)
Quota
b)
Tariff
c)
Subsides
d)
Embargoes
27.
Quota is
a)
A limit on imported goods
b)
A tax on imported goods
c)
An estimate of imported goods
28.
The total value of goods and services in a country.
a)
GDP
b)
subsidy
c)
import
d)
embargo
29.
In this type of economy, the government places control on businesses, but the individual decides what to make.
a)
Mixed
b)
Market
c)
Command
d)
Traditional
30.
I am a farmer in Africa, and have always bartered for my goods. I have a _____ economy.
a)
Traditional
b)
Command
c)
Market
d)
Mixed
31.
The government has little to no role in the production of goods in this type of economy.
a)
Traditional
b)
Mixed
c)
Command
d)
Market
32.
This type of government typically goes with the Command Economy.
a)
Democracy
b)
Dictatorship
c)
Autocracy
d)
Communism
33.
In this type of economy, the individual decides who to sell their products to.
a)
Traditional
b)
Mixed
c)
Market
d)
Command
34.
The money a country or business spends on education, training, improving the skills and health of the workers/people.
a)
scarcity
b)
natural resources
c)
human capital
d)
physical capital
35.
The factories, machines, technologies, buildings, and property needed by businesses to operate.
a)
scarcity
b)
natural resources
c)
human capital
d)
physical captial
36.
A fee that you pay to trade your money for another currency is the _________.
a)
specialization
b)
currency
c)
euro
d)
exchange rate
37.
What is the most common economic system today?
a)
Traditional
b)
Command
c)
Mixed
d)
Market
38.
In the United Kingdom, who decides which goods are produced and sold?
a)
Parliament
b)
business owners and consumers
c)
the monarch
d)
the prime minister
39.
Which is LEAST likely to be found in Europe?
a)
capitalism
b)
command economy
c)
mixed economy
d)
traditional economy
40.
Which country in the diagram has the LEAST free economy?
a)
US
b)
United Kingdom
c)
Germany
d)
Cuba
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