Economies of Europe

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?

Why do countries specialize?

• Because no country has all of the resources necessary to produce all the good its animals need
• Because all countries have all of the resources necessary to produce all the good its people need
• Because no country has all of the resources necessary to produce all the good its people need
• Because no country has none of the resources necessary to produce all the good its people need

How does a command economic system answer the 3 economic questions

• Government makes all decisions
• Government makes some decisions
• Government makes no decisions
• Government makes all choices for citizen lives

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

What type of economic system is found in Russia 

• Mixed, moving away from command since 1991 
• Market, moving away from command since 1961 
• Mixed, moving away from traditional since 1991 
• Mixed, moving away from socialism since 1989 

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

A limit on imported goods is  _____________________ 

• a tariff
• a quota
• an embargo
• a lemonade stand

Tax on imported goods is ___________

• a tariff
• a quota
• an embargo
• the reason we can't have nice things

When a country completely stops trading with another country, it's called ____________________

• a tariff

• a quota

• an embargo

• a hissy fit