Economic Systems of Southern and Eastern Asia

Most economic decisions in North Korea are made by________________.

• Korean industrial leaders

• North Korean Parliament

• Korean people

• Korean leader

Why do most countries fall somewhere between a market and a command economy?

• Some government control has never been successful.

• Government control always makes a market economy more profitable.

• Most consumers prefer government control to free market.

• To be successful, most countries have found they need a mix of free-market and government control.

In a _______________economy, economic decisions are made by the government.

• traditional

• free-market

• command

• Communist

The Japanese economy has to make up for the country’s lack of what?

• Population

• Education

• Natural resources

• Human Capital

What type of economy does North Korea have?

• Market

• Command

• Market

• Mixed

Poor decisions made about how to organize farming in North Korea have resulted in many years of what?

• Farmers refusing to work

• Drought

• Arguments about what crops to grow

• Famine

At least 50% of China’s workers are involved in what industry?

• The military

• Agriculture

• Service industries

• Education

Why does specialization make trade between countries easier?

• Countries can produce what they make best and trade with others for what they need.

• There will always be a steady supply of goods on the market so trade is not needed.

• A country’s economy will never go through a difficult time if they specialize in a good.

• The competition between countries will not exist.

Which has been a constant problem for India’s economy?

• A GDP that has not grown in many years

• The expense of maintaining a large military

• Overpopulation and poverty

• Lack of a strong middle class

What is the reason Japan specialized in the area of technology?

• It has few natural resources.

• It has a poorly educated population.

• The money earned is used to support the military.

• The country has little in the way of fishing.