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Economies of Europe

Total questions: 68

Worksheet time: 23mins

Name
Class
Date
1.

What is the economic continuum?

a)

Something that tells a country’s level of economy strength

b)

a continuum that shows economic freedom

2.

What is Russia’s economy like?

a)

horrible

b)

struggling but getting better

c)

great

d)

absolutely fantastic

3.

What type of economy does the UK have?

a)

Command

b)

Free market

c)

Mixed

d)

Traditional

4.
What type of economy does every single country in the world have? 🌎
a)
Mixed
b)
command
c)
traditional
d)
free mawket
5.

True or false - the UK economy is pure command.

a)

True

b)

false

6.

Which country’s economy is command leaning?

a)

UK

b)

Germany

c)

Russia

7.
The goverment makes all the decisions 
a)
Market
b)
Mixed
c)
Traditional 
d)
Command
8.
A limited supply of something 
a)
Economy
b)
Scarcity
9.

True or False - The UK has a great economy

a)

True

b)

False

c)

Maybe

d)

No clue

10.

Which of these European countries has the least economic freedom and most government control?

a)

Germany

b)

Russia

c)

United Kingdom

d)

North Korea

11.

Russia's economy is...

a)

Mixed

b)

Command

c)

Market

d)

Traditional

12.

Which country is the most difficult to start a business in?

a)

Russia

b)

United Kingdom

c)

Germany

d)

Spain

13.

Russia is best at producing and trading oil; Germany exports cars. What is this concept called?

a)

Specialization

b)

Tariff

c)

Embargo

d)

Quota

14.

What is a tariff?

a)

Tax on imported goods

b)

To stop trading with a business or country

c)

A limit on imported goods

15.

A quota is a limit on an imported good. Which is an example of a quota helping local farmers?

a)

Taxing corn from another country.

b)

Allowing less corn to be bought from other countries' farms.

c)

To stop buying corn from another country

16.

Russian government found deadly chemicals in German hamburgers. What will keep Russians safest?

a)

An embargo against German hamburger meat producers

b)

A tariff on German hamburgers

c)

A quota on German hamburgers

d)

Free trade with German hamburger producers

17.

You are on a trip to Germany. You swap your dollars for Euros. Why exchange currency?

a)

To buy or sell goods in Germany; they won't take dollars.

b)

Because dollars are worth the same as other currency

c)

Because Euros are a great souvenir.

18.

As of 2020, the economies of the United Kingdom, Germany, and Russia could be classified as

a)

command

b)

market

c)

mixed

d)

traditional

19.

A __________ is a tax on imported goods and services.

a)

quota

b)

tariff

c)

embargo

d)

subsidy

20.
When a government sanction prohibits trade between nations.
a)
embargo
b)
 quota
c)
tariff
d)
subsidy
21.
Why is a system of currency exchange necessary for international trade?
a)
Nearly all world currencies are worthless on the world market.
b)
Those buying goods on the world market only accept payment in gold and silver.
c)
Most goods bought on the international market must be bought and paid for using United States dollars only.
d)
There must be a way to pay for goods purchased from countries with different types of currencies
22.

Trade barrier that is a legal limit on imported goods and services.

a)

tariff

b)

quota

c)

embargo

d)

subsidy

23.
The purpose of the founding of the European Union (E.U.) in 1993 was to
a)
prevent the poor from causing a revolution.
b)
fight the growing global network of terrorism.
c)
become an economic power to compete with the Unites States.
d)
guarantee the freedom of movement of people, goods, services and capital.
24.
This map shows the member states of the European Union (EU). Based on this map, what is the MOST LIKELY reason the EU was formed?
a)
to protect themselves from foreign enemies
b)
to increase trade between European nations
c)
to begin the process of forming one large nation
d)
to isolate Europe from the rest of the international community
25.

--teacher

--computer programmer

--international banker

All of these are examples of

a)

natural resources

b)

entrepreneurship

c)

human capital

d)

capital goods

26.
Machines, computers, assembly lines, technology, etc. are all examples of 
a)
human capital
b)
capital goods
c)
natural resources
d)
entrepreneurhsip
27.

Things that come from nature.

a)

natural resources

b)

entrepreneurship

c)

capital goods

d)

human capital

28.
One who takes a risk by starting their own business is considered a(n)
a)
natural resource
b)
entrepreneur
c)
human capital
d)
capital goods
29.

All of the following are examples of human capital EXCEPT

a)

coal and electricity

b)

going to law school

c)

manager training for your new position

d)

taking computer classes to improve typing skills

30.
Percentage of the population over the age of 15 that can read and write.
a)
literate
b)
literacy rate
c)
standard of living
d)
nationalism
31.
The total value of goods and services in a nation in a given year is known as 
a)
Gross Domestic Product
b)
standard of living
c)
Fiscal Spending
d)
Gross National Product
32.
There are no pure market economies in Europe 
a)
true 
b)
false 
33.

The reason why you can't have everything you want is because of

a)

Opportunity Cost

b)

Scarcity

c)

Incentive

d)

Choice

34.

Why do countries specialize?

a)

Because no country has all of the resources necessary to produce all the goods its animals need

b)

Because all countries have all of the resources necessary to produce all the goods its people need

c)

Because no country has all of the resources necessary to produce all the goods its people need

d)

Because no country has none of the resources necessary to produce all the goods its people need

35.

Which is not one the three economic questions that every country must answer?

a)

What to produce?

b)

How to produce?

c)

For whom to produce?

d)

How to consume?

36.

Which of the following is found in a market economy?

a)

Many laws

b)

Competition between businesses

c)

Government control of industry

d)

Government control of agriculture

37.

The economic systems of communist countries is most closely related to

a)

Command economy

b)

Market economy

c)

Traditional economy

d)

Mixed economy

38.
Which is an example of human capital?
a)
Education
b)
Roads
c)
Factories
d)
Machinery
39.

All nations have __________ economies.

a)

mixed

b)

traditional

c)

command

d)

market

40.
When a government decides to increase a tariff, it increases the amount of a tax placed upon
a)
people's income
b)
imported goods
c)
renewable resources
d)
people's property
41.
This is an economic system where people follow the occupation of their ancestors.
a)
command
b)
market
c)
mixed
d)
traditional
42.
How are goods and services exchanged in a traditional economy?
a)
through prices and wages
b)
through government regulation
c)
through bartering
d)
through shortages and surpluses
43.
A market economy is very different from a command economy. Which of the following is found in a market economy?
a)
competition 
b)
guaranteed yearly pay raise
c)
government control of industry
d)
government control of agriculture
44.

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

a)

All are example of pure market economies.

b)

All are examples of mixed economies that have elements of market economies with some elements of command economies.

c)

All are examples of mixed economies that are mostly command economies with some elements of market economies.

d)

All are examples of pure command economies.

45.

The United Kingdom Customs Service has found toxic lead-based paint in toys imported from a Chinese toy-making company. These toys are intended for sale in the United Kingdom. Exposure to the paint over a long period of time could be fatal to children under the age of 6, What type of trade barrier would guarantee that no child would be exposed to the deadly lead-based paint?

a)

embargo

b)

quota

c)

exchange rate

d)

tariff

46.
What is a good?
a)
A need
b)
A baseball game
c)
Things people do for money
d)
Things that people make or grow
47.
A person who uses and buys goods and services 
a)
money 
b)
producer 
c)
consumer 
d)
economics 
48.
People who make goods and supply services
a)
consumer
b)
server
c)
producer
49.

What helps a country increase their Gross Domestic Product?

a)

low amount of natural resources

b)

no investment money

c)

high literacy rate

d)

high inflation

50.
What is the purpose of the European Union?
a)
take over natural resources from poor countries
b)
create farms 
c)
promote trade 
d)
isolate poor countries
51.
What is one reason that a country could have a high GDP?
a)
Because they have high wages.
b)
Because they have a highly educated population.
c)
Because they have low taxes.
d)
Because they love going to space.
52.

Why does Russia have such a high literacy rate but such a low Gross Domestic Product?

a)

Russians do not want a higher standard of living.

b)

Education is only required for boys, but girls may attend.

c)

There are too many jobs in manufacturing and not enough schools.

d)

The government has always required the children to be educated, but the economy and the government are not well-managed.

53.
Which of the following is an investment in human capital?
a)
Buying new computers
b)
Paving roads
c)
Purchasing new textbooks
d)
Paying for education and healthcare
54.
Which of the following is an investment in capital resources?
a)
healthcare
b)
new machinery
c)
skills training
d)
universities
55.
What is a market economy?
a)
a market-based economy in which the government plays a role
b)
an economic system in which the people make all the economic decisions
c)
people who buy goods and services
d)
an economic system based on traditions
56.
A command economy occurs when the _________ is in control of all economic decisions.
a)
society
b)
government
c)
business owner
d)
market
57.
A mixed economy is a combination of ______  and _______ economies.
a)
traditional, mixed 
b)
command, traditional
c)
market, command
d)
market, mixed
58.
This occurs when a country  forbids trade  with another country.
a)
Embargo
b)
Quota
c)
Tariff
d)
Specialization
59.
Which economy has free enterprise with no government regulations?
a)
Command Economy
b)
Market Economy
c)
Traditional Economy
d)
Mixed Economy
60.
Actions in this type of economy relate to ritual, habit, and customs.
a)
Traditional
b)
Command
c)
Market
d)
Mixed
61.
What is a tariff?
a)
A government order to stop trade
b)
A limit placed on imports
c)
A tax placed on imports
d)
A limit placed on exports
62.
What is a quota?
a)
A government order to stop trade.
b)
A limit placed on imports.
c)
A tax placed on imports.
d)
A set price on imports
63.

What is an embargo?

a)

A government order to stop trade with another country.

b)

A limit placed on imports.

c)

A tax placed on imports.

d)

A limit placed on exports

64.
A(n) ______ system determines what, how, and for whom goods and services are produced.
a)
traditional 
b)
resource
c)
economic 
d)
trade 
65.
How can a country raise its GDP?
a)
raise taxes
b)
invest in education and training
c)
invest in stocks
d)
lower taxes
66.
Which country listed below has the weakest economy?
a)
United Kingdom
b)
Germany
c)
Russia
d)
Italy
67.

This country is a financial leader in Europe and the world, and belongs to the EU. They also have a high standard of living.

a)

Germany

b)

United States

c)

Russia

d)

United Kingdom

68.

True or False - Germany and Russia each have influences in their society that originate from the Soviet Union.

a)

False

b)

True, but it hurts Russia greatly and has little impact on Germany.

c)

True, Germany and Russia are identical economically.

d)

Who knows?

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