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WorksheetsEuropean Economic Vocabulary
Total questions: 15
Worksheet time: 8mins
What does it mean to import a good?
Buy a good from another country
Sell a good to another country
Refuse to trade goods with another country
Give goods away for free to another country
The ability to produce a good or service at lower costs than another country is known as-
Gross Domestic Product
Trade deficit
Comparative advantage
Trade surplus
Tertiary level jobs are a characteristic of-
Developed countries
Developing Countries
Gross Domestic Product (GDP) per capita means-
The amount of money a country makes
The average person's salary within a country
A country imports more goods than it exports
One country produces a good/service more efficiently than another
"A country imports more goods than it exports" describes what vocabulary term?
Interdependence
Comparative advantage
Trade surplus
Trade deficit
Which term means that a country MAKES more money than it spends?
Trade surplus
Market economy
Trade deficit
GDP per capita
Which country has the comparative advantage in banking?
Norway
France
Switzerland
Sweden
In a command economy, who/what it in charge of production?
The people
The government
No one
Both the government and the people
A communist country would have what kind of economy?
Traditional Economy
Market Economy
Mixed Economy
Command economy
You would want to live in a country with a high GDP per captia.
True
False
Why are many Eastern European countries still developing?
Due to their history of communism
Because they do not have good business ideas
Due to their very low population density
Because they have a low literacy rate
Gross Domestic Product (GDP) means-
The average amount of money a person makes in a country
The amount of money a country makes
Selling a good to another country
Buying a good from another country
Which of the following is an economic alliance?
United Nations
Commonwealth of Nations
North Atlantic Treaty Organization
European Union
Which is an example of the term "export"?
The Ukraine buys oil and gas from Russia
Great Britain sells Mini Coopers to the United States
Ireland produces the most cheese and butter because it is very rural
Great Britain voted to leave the European Union
Most developed countries have a form of ________ economies.
Traditional
Command
Market
Central
