SE Econ All DOK 2

What term describes exchanging/trading goods (usually made by hand) without money as seen in traditional economies?

• currency exchange

• monetary freedom

• bartering

• trade tariff

Literacy Rate:

China 96%

India 74%

Japan 99%

Which statement below is true?

• Japan has made the most investments in human capital.

• China has made the most investments in human capital.

• India has made the most investments in human capital.

• Japan and China need to invest more in human capital than India.

Which option is NOT an advantage of specialization?

• saves time/more efficient

• lowers skill levels

• fosters learning by doing

• takes advantage of difference in availability

How is this country increasing their GDP through capital investments in the picture?

• spending money on machines such as an excavator

• spending money on education and training of workers

• spending money on land for construction

• spending money on coal and minerals

What data will help us determine the standard of living in a country (citizens' quality of life)?

• a country's GDP (total value of good and services in one year)

• a country's economic freedom score (how much citizens are allowed to decide what, how and for whom to produce)

• Per capita GDP (avg salary per person per year)

• a country's natural resources (gifts from nature)

In which economic system would a person have the least variety of goods to choose from because of a lack of competition?

• Communist

• Market

• Command

• Traditional

India purchases Toyota Camry vehicles from Japan.

What economic activity is needed in order for these two countries to complete this trade transaction?

• trade tariff increases

• currency exchange

• elimination of quotas

• command economies

• agriculture in the northeast
• imports electronics
• exports precious stones

The list refers to which country in Southeast Asia and the role of natural resources in the economy?

• China

• India

• Japan

• North Korea

Consumers have the greatest influence to determine what goods and services will be produced in which economic system?

• Command

• Traditional

• Market

• Communist

Headline: China Encourages Entrepreneurship of Prior Public Domains

Which statement is true below based on the newspaper headline?

• China has a mixed command economy run by the Chinese Communist Party.

• China has a high unemployment rate.

• Entrepreneurship is decreasing steadily in China.

• Despite China's communist government, the economy is almost mixed market.