WorksheetsEconomies of Europe
Total questions: 20
Worksheet time: 17mins
Which is not one of the three economic questions that every country must answer?
What to produce?
How to produce?
For who to produce?
How to consume?
What type of economic systems are mostly found in Europe?
Most of them are primarily market economies with elements of command economies
Most of them are nearly pure market economies, and the rest are command economies
Most of them are command economies, and the rest are nearly pure market economies.
Most of them are primarily command economies with elements of market economies
How do investments in human capital help improve a nation's economy?
by reducing competition between businesses
by improving access to natural resources
by improving the job skills of the population
by reducing the efficiency of production
In a market economy, economic decisions are based on
What previous generations produced
What resources are available
What the government says
Supply and Demand
When a country completely stops trading with another country, it's called ____________________
a tariff
a quota
an embargo
a hissy fit
Which of the following best completes boxes 1 and 3 in the chart in order of how restrictive the trade barriers are?
Box 1 is Embargo and Box 3 is Tariff
Box 1 is Inflation and Box 3 is GDP
Box 1 is Tariff and Box 3 is Embargo
Box 1 is Opportunity Cost and Box 3 is Specialization
Trading without anyone forcing you to do so is one of the main economic reasons for the creation of the EU and the elimination of trade barriers. Which of the following best represents this idea?
Voluntary Trade
Embargo
Trade Barrier
Import
Which is NOT one of the 4 Factors of Production or Economic Growth?
Business Resources
Capital Resources or Goods
Human Capital
Natural Resources
Entrepreneurship
How did adopting the euro help European Union member-states?
It created another barrier to trade with nonmembers.
It eliminated the costs of currency exchange
It allowed member-states to economically specialize.
It stopped the fluctuation of currency values
Germany's literacy rate is 99%. Based on this information, what can be concluded about Germany?
Germany has a low standard of living
Germany has a low gross domestic product.
Germany's businesses have valuable capital goods.
Germany's workforce has valuable human capital.
Why is it economically important for the United Kingdom to maintain its 99% literacy rate?
Educated workers are more efficient, leading to a more productive workforce.
Educated workers are often paid less, because employers do not have to train them.
Educated workers are more efficient, leading to decreased demand for capital goods.
Educated workers are often paid less, because employers had to pay for their training.
What are Capital Goods?
Finished goods ready to be bought and sold
The effort and labor of trained and skilled workers
The goods that are used to produce finished products and services
Minerals and natural materials used to create finished goods.
If a country invests more into its Human Capital, its likely to see its ____________ rate increase.
Acceptance
Literacy
Market
Currency
What information do exchange rate tables provide?
the type of economic system present in each country
the type of government system present in each country
the value of each country's' currency relative to each other
the value of each country's per capita gross domestic product
