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True or False:
The currency used in the United Kingdom is the pound
According to the economic continuum on the board, which country is more command?
True or False?
Germany has a higher GDP than Russia and the United Kingdom.
True or False:
When a country has a market economy the government controls most of the businesses.
The economic system of communist countries is closely related to with of the following?
supply and demand
Which word has the same meaning as "tariff"?
The European Union creates a single market in many countries. Businesses are able to operate without trade barriers or restrictions, and companies throughout Europe have equal opportunities to reach customers. This often results in greater choice and lower prices for consumers.
According the the passage above, consumers benefit from lower prices in the European Union's single market. Which of the following best explains the reason.
Which of the following is found in a market economy?
government control of agriculture
government control of industry
guaranteed yearly pay raises
The Federal Republic of Germany has for many years benefited from a highly skilled population that enjoys a high standard of living. Since unification, however, Germany has faced the economic challenge of transforming the former East Germany from a weakening command economy to a technologically advanced market economy. Unemployment in eastern Germany has remained higher that western Germany.
Which of these is the reason that eastern Germany has a poorer economy than western Germany?
Germany spends a large amount of money on the military.
Most eastern German industries are owned by foreigners.
East Germany has had to switch from a command economy.
Germany has several economic restrictions in the east.
The United Kingdom is one of the leading fishing nations in the world because
They United Kingdom is surrounded by water
The United Kingdom has very fast ships
The United Kingdom invented fishing
People that live in the United Kingdom like to fish.
With the end of the Soviet, Russia has attempted to improve its economy by making it more of a
One barrier to trade between the United Kingdom and other countries within the European Union is that the United Kingdom
does not use the Euro
will not trade with the European Union
trades with the United States
has large import tariffs
Understanding that people want to save money, a Swedish teenager named Ingvar Kamprad, set out to establish a furniture company that sold quality pieces at a much lower price than competitors. The company established grew to be the largest furniture company in the world. His company, IKEA, continues to succeed all over the world.
In the passage above, Ingvar Kamprad is an example of
In a command economy, who decides what to produce, how to produce, and when to produce?
Many countries in Europe have switched to the euro, the currency of the European Union. Using the euro gives them many advantages. The greatest advantage is having a single currency for several different countries. A single currency means that businesses can sell goods and services to consumers in other countries without worrying about any exchange rates. People traveling between countries also do not have to worry about exchange rates.
According to the passage above, which of the following is a benefit of the euro to consumers
Products and services cost less in euros than they do in other countries.
People can use either the euro or whichever currency gives the best deals.
People can travel more easily when many countries accept the same currency
Products and services cost less in euros than they do in other currencies.
Germany, Russia, and the United Kingdom have what type of economy?
The Czech Republic is Eastern Europe's largest exporter of electricity. Any interruption or damage to the supply lines would no only impact the Czech Republic but also the economy and quality of life for 5 other European countries who import their electricity. The Czech Republic is also dependent on other European countries for machinery, raw materials, and fuels that it imports every year.
Which economic term describes the relationship between the Czech Republic and other European countries?
Which term best describes an economic system in which the people-not the government-own land, factories, and businesses.
supply and demand
Which of the following BEST describes a market economy?
The government provides food and housing to all workers
Person can start any legal business and charge any price
Airlines and are owned by the government
The government provides television and phones to the people
France, Belgium, Italy, Portugal, Spain.
All of the countries listed above use what currency?
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