WARM-UP #4...puts a tariff of €5000.00 on each BMW it imports from Germany. 6. IN 2005, THE UNITED...

WARM-UP #4

1. THE GOVERNMENT CONTROLS ALL ASPECTS OF THIS SYSTEM. ALTHOUGH THE GOVERNMENT SETS ASIDE RESOURCES FOR THE

COMMON GOOD OF THE PEOPLE, THIS SYSTEM WAS NOT DESIGNED TO MEET THE WANTS OF CONSUMERS.

•A. Market Economy

•B. Tradtional Economy

•C. Tariff Economy

•D. Command Economy

2. PINEAPPLES CANNOT GROW IN MOST PARTS OF EUROPE, AND BRAZIL IN SOUTH AMERICA IS NOT KNOWN FOR MANUFACTURING VEHICLES. BRAZIL PRODUCES PINEAPPLES FOR EXPORT TO GERMANY. GERMANY PRODUCES AUDIS, BMWS, MERCEDES, AND VOLKSWAGON BRAND VEHICLES FOR EXPORT TO BRAZIL. BOTH COUNTRIES PROFIT BY THIS EXCHANGE. THIS IS AN EXAMPLE OF:

•A. Cost-Benefit Analysis

•B. Monopolies

•C. Specialization

•D. Tariffs

3. . THE LEVEL OF WEALTH AND MATERIAL COMFORT AVAILABLE TO A PERSON IS CALLED

A. standard of living

B. literacy rates

C. GDP- Gross Domestic Product

D. Luxury level

4. GENERALLY SPEAKING, THE _______ A LITERACY RATE IS, THE _______THE STANDARD OF LIVING WILL BE.

•A. lower, higher

•B. higher, higher

•C. higher, lower

•D. none of the above

5. . PEOPLE WITH NEW IDEAS THAT ARE WILLING TO TAKE RISKS TO START A BUSINESS OR MAKE A PRODUCT.

•A. Entrepreneurs

•B. Capital Goods

•C. Natural Resources

•D. Literacy Rate

1. THE GOVERNMENT CONTROLS ALL ASPECTS OF THIS SYSTEM. ALTHOUGH THE GOVERNMENT SETS ASIDE RESOURCES FOR THE

COMMON GOOD OF THE PEOPLE, THIS SYSTEM WAS NOT DESIGNED TO MEET THE WANTS OF CONSUMERS.

•A. Market Economy

•B. Tradtional Economy

•C. Tariff Economy

•D. Command Economy

2. PINAPPLES CANNOT GROW IN MOST PARTS OF EUROPE. BRAZIL IN SOUTH AMERICA IS NOT KNOWN FOR MANUFACTURING CARS. BRAZIL PRODUCES BANANAS FOR EXPORT TO GERMANY. GERMANY PRODUCES AUDIS, BMWS, MERCEDES, AND VOLKSWAGON CARS FOR EXPORT TO COLOMBIA. BOTH COUNTRIES PROFIT BY THIS EXCHANGE. THIS IS AN EXAMPLE OF:

•A. Cost-Benefit Analysis

•B. Monopolies

•C. Specialization

•D. Tariffs

3. . THE LEVEL OF WEALTH AND MATERIAL COMFORT AVAILABLE TO A PERSON IS CALLED

•A. standard of living

B. literacy rates

C. GDP- Gross Domestic Product

D. Luxury level

4. GENERALLY SPEAKING, THE _______ A LITERACY RATE IS, THE _______THE STANDARD OF LIVING WILL BE.

•A. lower, higher

•B. higher, higher

•C. higher, lower

•D. none of the above

5. . PEOPLE WITH NEW IDEAS THAT ARE WILLING TO TAKE RISKS TO START A BUSINESS OR MAKE A PRODUCT.

•A. Entrepreneurs

•B. Capital Goods

•C. Natural Resources

•D. Literacy Rate

WARM-UP #6

PLEASE PUT THE EUROPEAN UNION READ

AND RESPONSE ON YOUR DESK!

1. A LIMIT ON IMPORTED GOODS IS CALLED WHAT?

•A. a quota

•B. an embargo

•C. voluntary trade

•D. specialization

2. IN ORDER TO HELP RUSSIAN FARMERS SELL MORE FOOD, SOME PEOPLE WANT TO PUT A TAX ON THE FOOD IMPORTED FROM OTHER COUNTRIES. THIS IS AN EXAMPLE OF A(N)

•A. Quota

•B. Tariff

•C. Embargo

•D. Voluntary Exchange

3. WHAT IS THE COMMON CURRENCY USED BY EUMEMBERS?

•A. Dollar bill ya’ll, Dollar bill ya’ll, Dollar, Dollar, Dollar

bill ya’ll

•B. The Pound

•C. The Mark

•D. The Euro

4. WHAT IS THE PURPOSE OF THE EUROPEAN UNION?

•A. to promote transparent, democratic practices

•B. to increase safety and help countries work together

•C. to prevent war between member nations

•D. all of the above

•

5. TRUE OR FALSE

•Germany and the UK are both EU members. Germany

exports thousands of BMWs to the UK each year. The UK

puts a tariff of €5000.00 on each BMW it imports from

Germany.

6. IN 2005, THE UNITED STATES LIMITED THE IMPORTS OF CHINESE TEXTILES TO 7.5% A YEAR.

A. boycott

B. embargo

C. quota

D. sanction

E. tariff

7. IN 1962, THE UNITED STATES PROHIBITED ALL IMPORTS AND EXPORTS TO AND FROM CUBA.

A. boycott

B. embargo

C. quota

D. sanction

E. tariff

8. IN 2006, THE UNITED NATIONS DECIDED TO RESTRICT THE EXPORT TO AND THE IMPORT FROM

IRAN ON CERTAIN ITEMS AND TECHNOLOGY POTENTIALLY RELATED TO NUCLEAR WEAPONS.

A. boycott

B. embargo

C. quota

D. sanction

E. tariff

1. A LIMIT ON IMPORTED GOODS IS CALLED WHAT?

•A. a quota

•B. an embargo

•C. voluntary trade

•D. specialization

2. IN ORDER TO HELP RUSSIAN FARMERS SELL MORE FOOD, SOME PEOPLE WANT TO PUT A TAX ON THE FOOD IMPORTED FROM OTHER COUNTRIES. THIS IS AN EXAMPLE OF A(N)

•A. Quota

•B. Tariff

•C. Embargo

•D. Voluntary Exchange

3. WHAT IS THE COMMON CURRENCY USED BY EUMEMBERS?

•A. Dollar bill ya’ll, Dollar bill ya’ll, Dollar, Dollar, Dollar

bill ya’ll

•B. The Pound

•C. The Mark

•D. The Euro

4. WHAT IS THE PURPOSE OF THE EUROPEAN UNION?

•A. to promote transparent, democratic practices

•B. to increase safety and help countries work together

•C. to prevent war between member nations

•D. all of the above•

5. TRUE OR FALSE

•Germany and the UK are both EU members. Germany

exports thousands of BMWs to the UK each year. The UK

puts a tariff of €5000.00 on each BMW it imports from

Germany.

6. IN 2005, THE UNITED STATES LIMITED THE IMPORTS OF CHINESE TEXTILES TO 7.5% A YEAR.

A. boycott

B. embargo

C. quota D. sanction

E. tariff

7. IN 1962, THE UNITED STATES PROHIBITED ALL IMPORTS AND EXPORTS TO AND FROM CUBA.

A. boycott

B. embargoC. quota

D. sanction

E. tariff

8. IN 2006, THE UNITED NATIONS DECIDED TO RESTRICT THE EXPORT TO AND THE IMPORT FROM

IRAN ON CERTAIN ITEMS AND TECHNOLOGY POTENTIALLY RELATED TO NUCLEAR WEAPONS.

A. boycott B. embargoC. quota

D. sanction E. tariff