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Europe Economics

European Economics Test Study Cards

QuestionAnswer
If you lived in the communist Soviet Union, what type of economic system did you live under? command
What are the three questions economic systems answer? What to produce, how to produce, for whom to produce
How did Russia's economy change at the end of Cold War? moved closer to a market economy
What type of economic system is very competitive and set by supply and demand? market
What is the relationship between standard of living and literacy rate? The higher the literacy rate, the higher the standard of living
What is a tariff? a tax on an imported good
What is an example of human capital? people and education
Both governments and private businesses make economic decisions in what type of economic system? mixed
If countries in the EU do 2/3 of its trade with countries in the Euro zone, what can you infer? It does most of its trade with countries that use the Euro
The UK, Germany and Russia, all have what type of economic system? mixed
How are economic decisions made in a traditional economy? by customs and beliefs
Who makes the decisions in a command economy? government
What is the name of the economic community in Europe that has free trade and a common currency? European Union
Most democracies have what type of economy? Mixed
If a country invests in new technology and factories, what are they spending money on? Capital goods
A mountain is an example of what type of trade barrier? physical trade barrier
Quotas, embargoes, blockades, and tariffs are what kind of trade barrier? economic trade barrier
Most countries in the EU use what currency to make trade easier with each other? Euro
A limit on the goods traded Quota
Not allowing any goods in or out of a country (Physically stopping trade) Blockade
Refusing to trade with a country for political reasons embargo
Having one main product for trade specialization
Created by: mgilmour
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