Economies of Southern and Eastern Asia Review

Which of these nations' economies is MOST similar to a pure command economy?

• China

• India

• North Korea

• South Korea

What form of economy do MOST countries in Asia have?

• Mixed

• Traditional

• Market

• Command

A country that encourages innovation but has government intervention is what type of economy?

• Market

• Mixed

• Command

• Traditional

If you are a farmer and use the same tools and techniques that your family has used for generations, you are a ____ economy.

• Command

• Mixed

• Traditional

• Market

What is a characteristic of a pure market economy?

• a central planning committee

• a high rate of taxation

• a reliance on subsistence farming

• a lack of government regulations

What makes North Korea's economy different from the economies of India and Japan?

• Trade is open to all other countries around the world.

• Individuals can open businesses and set sale prices.

• The government makes all the economic decisions.

• All products are made elsewhere and then imported.

In which country would the gov't BEST be able to control the amount paid to farmers in exchange for agriculture goods?

• North Korea

• South Korea

• Japan

• India

How do command economies compare to market economies?

• Command economies provide greater private property protections than market

• Command economies regulate businesses more strictly than market economies.

• Command economies encourage entrepreneurship more than market economies.

• Command economies provide consumers with more choices than market economies

How are mixed economies different from pure market economies?

• There are fewer regulations in mixed economies

• The government exercises more economic control in mixed economies.

• There are fewer barriers to trade in mixed economies.

• The forces of supply and demand have more influence in mixed economies.

What factor do societies with traditional economies rely on the MOST when determining how to produce necessary goods?

• the government's central economic plan

• how the environment might be impacted

• how previous generations produced things

• the costs associated with different methods