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SS EU
EU
| Question | Answer |
|---|---|
| Which of the following represents the MAIN economic reason for the formation of the European Union? | to establish voluntary trade among its members |
| Which of the following BEST explains why the euro was introduced in 1999? | to encourage trade between member nations of the European Union |
| How did adopting the euro help European Union member-states? | It eliminated the costs of currency exchange. |
| What information do exchange rate tables provide? | the value of each country's currency relative to each other |
| What is a trade barrier which paces a tax on imported goods? * | Tariff |
| What is it called when focusing on a narrow range of products/ services that can be produced most efficiently? | Specialization |
| What is a trade barrier which blocks all trade with another nation? | Embargo |
| Germany specializes in the production of automobiles. Based on this information, which statement is MOST LIKELY correct? | Germany can produce automobiles more efficiently than other countries. |
| Some European nations that are not part of the European Union, such as Kosovo, have adopted the euro as their official currency. What benefit does adopting the euro offer such countries? | It reduces transaction costs of purchases and investments. |
| In order to protect its steel industry, the European Union limits the amount of steel that members can import each year, What type of barrier to trade is this an example of? | a quota |
| The European Union has banned the sale of any weapons to certain countries that it believes mistreat their people. What type of barrier to trade has the European Union put in place? | an embargo on the sale of weapons |
| European Union Votes to Raise Tariffs on US Steel" Based on the heading, what was MOST LIKELY the European Union's goal? | to protect its domestic steel industry |
| What industry does Germany specialize in? | Automobiles |
| Coal and iron deposits found in the United Kingdom are sources of what type of resource? | a natural resource |
| How does investment in capital goods affect a nation's Gross Domestic Product (GDP)? | It causes the nation's GDP to rise. |
| Germany has a system of universal higher education, meaning that everyone in the country can attend a university to earn an academic degree for free. For what economic reason does Germany have a system of universal higher education? | A well-educated population generates a high gross domestic product. |
| What conclusion can reasonably be drawn based on the information in the table? | Germany encourages investment in capital goods more than Russia. |
| What would be the MOST effective way for the Russian government to increase its GDP? | by encouraging Russian businesses to invest in capital goods |
| Which TWO statements are MOST LIKELY true? | 1. The United Kingdom invests a lot in education. 2.Germany encourages investment in capital goods. |
| How do investments in capital goods help increase a country's GDP? | by improving the efficiency of workers |
| What is entrepreneurship? | When someone starts their own company |
| What is the relative health, skills, education, and training of a nation’s labor force? | Human Capital |
| In general, what is the relationship between investment in education and national wealth? | The higher the investment in education, the higher the wealth of the nation in question. |
| Use the table of statistics for literacy rate, gross domestic product (GDP), and life expectancy to answer the question .Based on the table and your knowledge of social studies, what conclusion can be drawn? | Countries with higher literacy rates have higher standards of living. |
| Many factories in Russia cannot efficiently produce goods because they have old, outdated machinery. Based on this information, what would MOST improve the Russian industrial sector? | investment in capital goods |
| Iron, precious metals, and fuel, such as oil and coal, are the top three categories of exports from Russia. What conclusion about the Russian economy can be drawn based on this information? | The Russian economy relies on natural resources. |
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BRIESOCCER12345