[ADVANCED] Class #002 - Japan's Economic Decline | March 5, 2024

Which country recently surpassed Japan to become the world's third-largest economy?

• China

• Germany

• Australia

• India

What was Japan's nominal gross domestic product for 2023 in trillion yen?

• 4200 trillion yen

• 4500 trillion yen

• 3500 trillion yen

• 5915 trillion yen

When did Japan become the second-largest economy in the world?

• 1968

• 2026

• 2010

• 2023

What is one of the factors contributing to Japan's decline in global competition?

• Strong domestic economy

• High wages

• Increased investments

• Shrinking population

What has been the trend in Japanese nominal wages compared to advanced countries like Germany?

• Decreased

• Virtually unchanged

• Tripled

• Doubled

What does a weaker currency mean for Japanese consumers?

• Lower prices for imports

• Stable prices for imports

• Higher prices for imports

• No impact on prices

What is one of the challenges Japan needs to overcome to regain its economic strength?

• Decrease production

• Reduce wages

• Cut expenses

• Invest more in people

What is the second challenge mentioned in the text for Japan to regain its economic strength?

• Building a resilient supply chain

• Securing less raw materials

• Reducing domestic production

• Increasing imports

What is the last challenge mentioned in the text for Japan to regain its economic strength?

• Working closer with Asian countries

• Isolating from global economies

• Reducing human capital

• Decreasing investments

What does a bigger GDP mean for a member country in international organizations like the IMF and World Bank?

• Bigger voice and influence

• No impact on influence

• Less influence

• No membership