What plays the biggest role in determining the answers to the basic economic questions in a traditional economy?

• custom and tradition
• supply and demand
• government planning
• entrepreneurship

Which of the following BEST describes how China's gross domestic product (GDP) has changed as more citizens have completed higher education?

• China's GDP has decreased.
• China's GDP has increased.
• China's GDP has stabilized.
• China's GDP has fluctuated.

The higher an individual's literacy rate, the higher the person's _______ is likely to be.

• GDP
• market types
• standard of living
• capital goods

Based on the picture, in which country is it MOST LIKELY easiest to start a new business?

• India
• China
• North Korea
• South Korea

Based on the diagram, which country's economy is closest to a pure command economy?

• India
• Japan
• North Korea
• South Korea

Based on the diagram, which country's economy is closest to a pure market economy?

• India
• China
• North Korea
• South Korea

Which Asian nation's economy suffers because it can neither sell its natural resources in world markets nor purchase the resources it lacks?

• China
• Japan
• North Korea
• South Korea

Japan has long coastlines and little arable land, therefore Japan...

• relies on natural resources found in the ocean.
• heavily restricts fishing in order to protect its resources.
• limits imports from countries with similar resources.
• restricts the sale of seafood to other countries.

What decision shows that China is moving towards a more market economy?

• government controlling the oil industry
• government censoring digital content
• government charging high taxes to pay for infrastructure
• government allowing farmers to make their own decisions

Which country would you expect to see the MOST government control in the economy?

• China
• Japan
• North Korea
• India