Economics Europe

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

• Germany

• Russia

• United Kingdom

• North Korea

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

• Specialization

• Tariff

• Embargo

• Quota

What is a tariff?

• Tax on imported goods

• To stop trading with a business or country

• A limit on imported goods

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

• Taxing corn from another country.

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

• To stop buying corn from another country

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

• An embargo against German hamburger meat producers

• A tariff on German hamburgers

• A quota on German hamburgers

• Free trade with German hamburger producers

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

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

• Because dollars are worth the same as other currency

• Because Euros are a great souvenir.

In what economic systems do private citizens determine what to produce, how to produce it, and how to market it?

• Traditional Economy

• Market Economy

• Command Economy

• Mixed Economy

In what economic system does the government determine what to produce, how to produce it, and how to market it?

• Traditional Economy

• Market Economy

• Command Economy

• Mixed Economy

What do you call the tools and equipment needed to create a good or service?

• Capital Resources

• Human Resources

• Land Resources

• Entrepreneurial Ability

Which of the following is NOT one of the three basic questions all economic systems must answer? 

• What goods should be produced ?
• What is the price of the goods? 
• How should the goods be produced? 
• Who gets to consume the goods?