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WorksheetsEuropean Economics
Total questions: 35
Worksheet time: 18mins
What are the four types of economies?
Tribal, Governmental, Market, and MIxture
Traditional, Command, Market, and Mixed
Store, Tsar, Mixture, and Tribal
Traditions, Commanders, Markets, and Mixtures
In what economy are all resources shared?
Traditional
Command
Market
Mixed
In what economy are all the resources owned or regulated by the government?
Traditional
Command
Market
Mixed
In what economy are resources owned by individuals?
Traditional
Command
Market
Mixed
In what economy are the resources balanced between government and individual ownership?
Traditional
Command
Market
Mixed
What are the three economic questions every country must answer?
What to do, How to do it, and Who to do it for?
Where to go, How to get there, and Who to send there?
What to produce, How to produce it, and Whom to produce for?
Who to vote for, How to vote for them, and Why they should vote?
In a command economy who answers the three main economic questions?
individuals
the government
the group
both the government and the individuals
In a market economy who answers the three main economic questions?
individual
the government
both the government and the individual
the group
In a mixed economy who answers the three main economic questions?
the individual
the government
both the individual and the government
the group
In a traditional economy who answers the three main economic questions?
the individual
the government
both the individual and the government
the group
What type of economy can you predict in a country that has an absolute monarchy government system?
Traditional
Command
Market
Mixed
What type of economy can you predict in a country that has a parliamentary democracy government system?
Traditional
Command
Market
Mixed
What type of economy can you predict in a country that has a communist government system?
Traditional
Command
Market
Mixed
What type of economy can you predict in a country that has a presidential democracy government system?
Mixed
Market
Command
Traditional
Why is the UK closest to the pure market end on the economic continuum?
because the government obtained control of more companies
because the government relinquished control of some of its companies to private ownership
because the government co-owns many of the nations leading companies with private citizens
because individuals relinquished ownership of their businesses to the government
Why is Germany further away from the pure market end of the economic continuum than the UK?
because Germany is still under communist rule
because Germany is still rebuilding after Hitler's reign
because Germany is building back the economy from the reunification of East and West Germany
because the Germans are not paying all of their taxes
Why is Russia the furthest from the pure market and the closest to pure command on the economic continuum?
because the Russians are still a communist country
because the country is still trying to adjust from when it was once a Tsardom
because there are still many government restrictions and regulations in place from when the government was under communist rule
because the Tsar is still in power
What do we call the system in a country that determines how money is made and used?
money system
currency system
economic system
economic continuum
What type of economic system do most countries in the world have?
Traditional
Command
Market
Mixed
Which country in Europe is closest to the pure market side of the economic continuum?
Germany
the UK
Russia
Brazil
What is the economic system whereby individuals are deciding what to make, how to make it, and who to make it for?
Traditional
Market
Mixed
Command
Which is an encouragement for countries to trade?
Tariff
Specialization
Embargo
Quota
What is bartering?
Haggling someone to give you a cheaper price.
Trading one good for another good.
Trading a good for money.
Stopping all trade.
What is the purpose of a tariff?
To encourage trade among countries.
To encourage free trade in Europe.
To encourage local people to buy domestic brands.
To create a financial strain on a country.
What is a tariff?
a tax imposed by one country on goods and services imported by another country in order to protect domestic industries
a tax imposed by one country on another country because they violated a rule or law
a tax imposed by a country on another country's imports because their products are better
a tax used to make another country mad
Why might a government impose a quota on a country they are trading with?
because the products are of poor quality
because the government of the importing country is corrupt
because the market is being flooded with too much quantity of the product/good
because the markets do not want to sell the product
What is a quota?
a government decision to stop trade
a government decision to charge more tax on the traded product
a government-imposed trade restriction that limits the number of goods that a country can import
a government-imposed trade tax that makes the prices of products go higher than what the consumer wants
Why might a country place an embargo on another country?
because the two countries are allies
because the two countries have negotiated free trade with one another
because the two countries have passed laws in legislature ensuring a compromise on trade
because the country has violated trade agreements or the government has threatened the government of the other country
What is an embargo?
an official open-door policy to free trade
an official ban to trade between two countries
an official agreement between two countries to never disagree
an official ban on trade taxes
Why is money wanted by an individual or a country?
to encourage an economic system and to meet their needs
to develop domination
so that all people love one another
What is scarcity?
no trade
no products
not enough products to meet the demand
not enough demand for the produced products
What is a way countries can combat scarcity?
specialization
tariffs
quotas
farmers
What does trade create for all countries that participate?
problems
wealth
answers to the three economic questions
population growth
What are three barriers to trade?
legislature, specialization, and taxes
tariffs, quotas, and specialization
tariffs, quotas, and taxes
tariffs, quotas, and embargos
A country's economy...
is permanent.
it fluctuates over time.
