Economics and Government of SE Asia

The economy of North Korea can best be described as:

• Traditional

• Command

• Market

• Mixed

If Japan’s government puts a limit on how much Vietnamese rice it will import this year, what trade barrier is this?

• Embargo

• Tariff

• Quota

• Opportunity Cost

Which trade barrier sets up a complete ban on trading between countries?

• mountains

• tariff

• quota

• embargo

How does a command economic system answer the three economic questions?

• The citizens choose what is produced

• The citizens ask the government permission to produce goods

• Government makes ALL economic decisions

• There is total anarchy and people riot and loot everything

What type of economic system do most democratic countries have?

• Market

• Mixed

• Command

• Traditional

What type of economic system is found in Japan?

• Mixed market

• Command

• Market

• Traditional

Which best describes the Chinese government?

• Absolute monarchy

• Federal democracy

• Constitutional monarchy

• Communist government

Citizens of which country are considered to have the least freedom?

• South Korea

• Japan

• India

• North Korea

a country's economic decisions are based on what its people want to buy and sell

• Command Economy

• Traditional Economy

• Market Economy

• Mixed Economy

An entrepreneur is

• someone who is willing to take a risk to begin a new business

• someone who is always successful in whatever he or she attempts

• a businessman who relies on money from the government to finance a new business