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Unit 5 TEST
Economic Basics: Europe
| Question | Answer |
|---|---|
| what is it called when the government makes the economic decisions: What to produce, how much to produce, and for whom to produce. | command economy |
| a person who comes up with a product or service, and takes a business risk. | entrepreneur |
| a trade barrier stops trade compjetely | embargo |
| What are some examples of natural trade barriers? | mountains, oceans, rivers |
| Let's say a country imposes a barrier, (such as a tariff) against an import, what is likely to happen to the price and amount of imported goods? | When the quantity decreases, the price increases |
| If a country has fewer natural resources, how does it affect its trade? | the country will need to import more products |
| building new factories and using newer technology are examples of______ _____ | capital goods |
| What are 3 economic questions are asked when studying different economies? | What to produce, how to produce, and for whom to produce? |
| If a country decides to sell a product because it is easy to build and is popular, so a high profit can be made, it is a ____ economy | market |
| What is the main purpose of the European Union? | to create greater economic unity between European countries |
| What do the economic systems of the UK, Germany and Russia have in common? | they are all all mixed economies that are most market economies with some elements of command economies. |
| What is the purpose of exchanging currencies? | it creates fairness for trade between countries |
| What is a mixed economy? | it is a combination of privately-owned industry and government control |
| Investing in human capital will increase the country's _________ | Gross domestic product |
| geographic feature that makes it more difficult for Italian merchants to trade with countries north of Italy | The Alps |
| The Soviet Union did not invest in human capital, so Russian workers today are not as ________ as workers in other countries. | productive |
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ssha13
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