European Economics Review
Quiz
•
Social Studies
•
6th Grade
•
Medium
Brendan Soper
Used 53+ times
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21 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main purpose of the European Union?
Require all European nations to adopt a command economy
Create greater economic unity between European countries
Create a large standing army for use around the world
Solve Europe’s environmental problems
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of trade barrier would guarantee that no child in the United Kingdom would be exposed to the deadly lead- based paint being exported from China?
embargo
quota
exchange rate
tariff
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What do the economic systems of the United Kingdom, Germany, and Russia have in common?
All are examples of pure market economies
All are examples of mixed economies
All are examples of traditional economies
All are examples of pure command economies
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of currency exchange?
It creates trade barriers between countries
It creates fairness for trade between countries
It causes specialization of all products and services
Human capital increases wage levels
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following explanations would reflect a country with a mixed economy?
Prices and wages are solely regulated by a country’s government
A combination of privately-owned industry and government control
A country’s distribution of resources is based on inheritance
Prices and wages are determined by the laws of supply and demand rather than being regulated by a country’s government
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You are a small business owner and you sell computer gaming consoles. You have chosen to sell this product to teenagers and young adults. You decided to sell consoles because they are easy to build, are popular and make a high profit. You decide on the prices for your consoles based ONLY on the following factors:
How many consoles do you have in your warehouse, and how many consoles do you sell each week?
Which type of economy do you have?
traditional
market
command
closed
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What 3 economic questions are asked when studying the similarities of a traditional, command and market economy among nations of the world?
What to produce, why to produce, when to produce?
What is your opportunity cost, what economic resources are needed, why should these resources be used?
What to produce, how to produce, and for whom to produce?
What is your opportunity cost, why are economic resources needed, when should these resources be used?
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