1. Unit 4: Europe’s Economic Systems
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Unit 4: Europe’s Economic Systems

2. Comparing European Economies
Categories
Economic Systems
Trade Barriers
Economic Growth
Comparing European Economies
Miscellaneous 10 20 30 40 50

3. The economic system of most communist countries is:
Market
Traditional
Command
Mixed
Category

4. Which of the following is NOT one of the questions that every economic system must answer?
What to produce?
How to produce?
Who’s going to produce it?
For whom to produce?
Category

5. What is found in a market system, and not a command or traditional system?
Free labor
Free enterprise
Government control of industry
Bartering

6. Economic decisions based on customs & beliefs are found where?
Command economy
Free enterprise
Market economy
Traditional economy

7. Which of the following best describes a market system?
The government provides services, such as telephones & televisions.
A person can start any legal business & charge any price.
The government provides food & housing to all workers.
National businesses are owned by the workers.

8. The number limit on how many items of a particular product can be imported from a country is the:
Quota
Embargo
Tariff
Demand

9. Which is NOT an economic trade barrier?
Mountain
Tariff
Quota
Embargo

10. What is an example of a physical trade barrier?
Mountain
Tariff
Quota
Embargo

11. NAFTA was designed to promote free trade between the US,
UK, and Germany.
Canada, and Germany.
Mexico, and UK.
Canada, & Mexico.

12. When a government decides to increase a tariff, it increases the tax on
People’s incomes.
natural resources.
Imported goods.
People’s property.

13. Which economic term best describes sending goods to another country & getting goods from another country?
Buying and selling
Supply & demand
Productions & consumption
Importing & exporting

14. A product of the earth that people use to meet their needs is a
Good.
Natural resource.
Capital good.
Service.

15. What is an example of human capital?
Roads
Education
Factories
Machinery

16. What is an entrepreneur?
A leader of a country.
A person who starts a business.
A worker in a factory.
A student in college.

17. What is this statement referring to: “Our workers must be prepared for the high-tech jobs of the 21st century. My plan will give incentives to companies who provide technology education & training to increase the skills of the employees.”
Foreign exchange
Capital goods
Human capital
Free enterprise

18. What is this statement referring to: “Our workers must be prepared for the high-tech jobs of the 21st century. My plan will give incentives to companies who invest in up-to-date computers, new office buildings, & wireless communications systems.”
Foreign exchange
Capital goods
Human capital
Free enterprise

19. Which country has a command economy?
Germany
Canada
United Kingdom
Soviet Union

20. Russia has a mixed economy
Russia has a mixed economy. It’s economy has moved away from command & closer to market since
1917.
1922.
1991.
2001.

21. What do the economic systems of the United Kingdom, Russia, & Germany have in common?
All are pure market economies.
All are mixed economies
All are command economies
All are traditional economies

22. How do Russia’s harsh climate, size, & few navigable rivers affect its economic development?
Russia is the richest nation on earth.
The land in Siberia is easy to farm.
Russia’s natural resources are difficult to use.
Russia can easily transport goods to Asia.

23. Which statement best describes the economic system of the Soviet Union?
The central government planned the economy for the entire nation.
Its economics were controlled by the global economy.
Individuals made economic decisions based on supply & demand.
Workers made most of the economic decisions for the country.

24. Which country is closest to having a pure Market economy?
Cuba
Russia
USA
Germany

25. Which economic term is defined as the exchange of goods & services without using money?
Barter
Profit
Investment
Import

26. What type of economic system do most democratic countries have?
Command
Traditional
Market
Mixed

27. Which economic system is based on individual choice?
Command
Traditional
Market
Mixed

28. Which economic term is used to describe a lack of a particular resource, such as water, food, or oil?
Supply
Demand
Scarcity
Surplus

29. Sorry! That’s incorrect. Better luck next time…

30. Congratulations! That’s the correct answer!