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22 European Economic
5 CA
| Question | Answer |
|---|---|
| European Votes to raise tariffs on US Steel. What most likely is the European Union's goal? | to protect its domestic steel industry |
| Which statement compares a country with a traditional economy and a country with a pure market economy? | The country with a pure market economy would be more likely to experience sustained economic growth. |
| What do the economic systems of the United Kingdom, Germany, and Russia have in common? | they are all MIXED economies |
| What is a mixed economy? | A combination of privately-owned industry and government control |
| Although most European countries are mixed economies, Russia is closer to a _____________ economy? | COMMAND |
| 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, how to produce, and for whom to produce? |
| The UK is building new factories & using newer technology. What is this an example of? | An investment in capital goods. |
| Jon is a restaurant owner. He named the restaurant after his Mom and cooks her original recipes. What is Jon and example of? | entrepreneur |
| What is GDP? | Gross Domestic Product - the number of goods produced in a country in a year. This shows economic wealth |
| If a country imposes a barrier (such as tariffs) against imports what is likely to happen to the price and amount of imported goods? | the price rises and the quantity imported decreases |
| One example of human capital is..... | A company pays for its workers to go to graduate school. |
| Which of the following represents the MAIN economic reason for the formation of the European Union? | to establish voluntary trade among its members |
| How does being a member of the European Union allow trade to be simpler between Germany and France than it is between the United States and France? | The European Union does not use trade barriers against member countries. |
| Why is it economically important for the United Kingdom to maintain its 99% literacy rate? (percentage of people above 15 years old that can read and write). | Educated workers are more efficient, leading to a more productive workforce. |
| How do the literacy rates in European countries affect the standard of living in Europe? | Literacy qualifies workers for higher paying jobs. |
| If Germany has a 99% and GDP of $45,900 per capita (per person) and Russia has a literacy rate of 99% and a GDP of $24,800 per capita. Which one invest heavily on their country's capital goods? | Germany invest more on capital goods. |
| What is the relationship between literacy rate, GDP per capita and Standard of living? | If literacy rate goes up , the GDP and Standard of Living will go up. IF literacy rate goes down, they will all go down. |
| What is literacy rate? | # of people that can read and write |
| What is standard of living? | The amount of wealth needed to live comfortably. |
| What is GDP? | The total number of goods produced in a year in a country. |
| Europe's GDP per capita: UK $42,500, Germany $48,200, Russia $26,100. Based on this info. how do the expenditures compare? | Germany likely spends the most on education. |
| What would make Germany move towards a command economy? | Laws were passed to protect consumers from poorly made products (like toxic lead paint) |
| Since the collapse of the Soviet Union, how has Russia's economy moved on the economic continuum? It moved closer to a pure ___________ economy. | market |
| The government owns major industries like oil and the courts don't always protect people's rights. Which country does this scenario describe (UK, Germany or Russia)? | Russia |
| There's a high demand for steel and cars in Russia and Germany. Which would MOST benefit Germany and Russia? | Russia specializes in producing steel and Germany specializes in producing cars. The two countries engage in trade. |
| Joe lives in a country that has the EU. He wants to trade products in other nations. He know that there MUST BE... | a system for exchanging currencies between countries. |
| What is the MAIN economic reason for the formation of the European Union (EU)? | to establish voluntary trade among its members. |
| How does the European Union easier to allow trade between Germany & France than between the US & France? | The European Union dos not use trade barriers against member countries. |
| How do investments in human capital help improves a nation's economy? | by improving the job skills of the population |
| What's the relationship between a country's investment in capital goods and its gross domestic product (GDP)? | Investments in capital goods typically lead to an increase in GDP. |
| Major Exports of Russia petroleum and petroleum products natural gas metals wood and wood products Based on this list, what conclusion can be made about Russia? | Russia's economy relies heavily on natural resources. |
| What is an entrepreneur? | Someone that takes a risk to start their own business. |
| Why are entrepreneurs more likely to succeed in a market economy more so than in a command economy? | Entrepreneurs use their own ideas to make a profit in a market economy. |
Created by:
ssha13
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