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- 1. Multiple Choice
What type of economy do the United Kingdom,
Germany, and Russia all have?
pure market economy
traditional economy
mixed economy
pure command economy
- 2. Multiple Choice
How are the economies of the United Kingdom,
Germany, and Russia different?
The German economy is more command-
leaning than the UK and Russian economies.
The Russian economy is more market-leaning
than the UK and German economies.
The German economy is more market-leaning
than the UK and Russian economies.
The Russian economy is more command-
leaning than the UK and German economies.
- 3. Multiple Choice
Use the picture to find your question.
The United Kingdom and Germany are both
closest to point 1.
The United Kingdom is closest to point 1 and
Germany is closest to point 3.
The United Kingdom and Germany are both
closest to point 2.
The United Kingdom is closest to point 3 and
Germany is closest to point 1.
- 4. Multiple Choice
Germany specializes in the production of
automobiles. Based on this information, which
statement is MOST LIKELY correct?
Germany sells automobiles to domestic
consumers for very low prices.
Germany has a low gross domestic product and
high unemployment.
Germany has no natural resources that other
countries demand.
Germany can produce automobiles more
efficiently than other countries.
- 5. Multiple Choice
Which of the following BEST completes the Box 3
in the diagram above?
Subsidies
Tariffs
Embargoes
Standards
- 6. Multiple Choice
Which of the following BEST completes Box 1 in
the diagram above?
Subsidies
Sanctions
Embargoes
Tariffs
- 7. Multiple Choice
What is it called when an activity slows or
outright blocks the free exchange of goods and
services?
Production
Goods
Trade barrier
Quota
- 8. Multiple Choice
The European Union would be more likely to set
a trade embargo on an outside country instead of
a tariff if its goal were to
continue importing from that country.
enforce a penalty against that country.
make its own economy more competitive.
keep prices in its own economy steady.
- 9. Multiple Choice
What is the purpose of a system of currency
exchange?
to allow for trade between countries
to reduce production costs for businesses
to create demand for goods and services
to lower product prices for consumers
- 10. Multiple Choice
Which of the following BEST explains why the
euro was introduced in 1999?
to prevent European nations from being drawn
into international conflicts
to ensure the stability of democracies
throughout Europe
to serve as a check on the growing power of
NATO and SEATO
to encourage trade between member nations of
the European Union
- 11. Multiple Choice
Why is it economically important for the United
Kingdom to maintain its 99% literacy rate?
Educated workers are more efficient, leading to
decreased demand for capital goods.
Educated workers are often paid less, because
employers do not have to train them.
Educated workers are more efficient, leading to
a more productive workforce.
Educated workers are often paid less, because
employers had to pay for their training.
- 12. Multiple Choice
What is an example of an investment in human
capital?
A company buys a new computer system to
improve productivity.
A company pays for its workers to go to
graduate school.
A company starts using better materials to
improve product quality.
A company hires a lobbyist to fight government
regulations.
- 13. Multiple Choice
How do investments in capital goods help
increase a country's GDP?
by making it easier to export goods
by improving the efficiency of workers
by improving the knowledge of workers
by making it easier to start new businesses
- 14. Multiple Choice
How does investment in capital goods affect a
nation's Gross Domestic Product (GDP)?
It causes the nation's GDP to fall.
It causes the nation's GDP to cease to rise or
fall at any significant rate.
It causes the nation's GDP to rise.
It causes the nation's GDP to rise and fall
irregularly from year to year.
- 15. Multiple Choice
Chalk and gypsum deposits found in the United
Kingdom are sources of what type of resource?
a natural resource
entrepreneurship
a capital resource
human capital
- 16. Multiple Choice
Which nation has the largest economy in the
European Union?
France
Germany
Greece
the United Kingdom
- 17. Multiple Choice
How are most members of the Council of the
European Union (EU) selected?
The head of state of each member of the EU is
automatically a member.
Each member of the EU elects its council
member in a national election.
Each member state of the EU appoints one
council member by its choice of method.
Each council member is elected in an
international election involving all EU members.
- 18. Multiple Choice
How did adopting the euro help European Union
member-states?
It stopped the fluctuation of currency values.
It allowed member-states to economically
specialize.
It eliminated the costs of currency exchange.
It created another barrier to trade with
nonmembers.
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