Unit 8 | WMS | Economics

What type of economy is based on supply and demand with little government control?

• Traditional Economy
• Command Economy
• Market Economy
• Mixed Economy
• None of the above

Which economy type operates through strict government control?

• Market Economy
• Command Economy
• Mixed Economy
• Traditional Economy
• None of the above

In which type of economy do cultural traditions play a significant role?

• Mixed Economy
• Market Economy
• Command Economy
• Traditional Economy
• None of the above

What percentage of China’s economy is considered market-based?

• 0.43
• 0.57
• 0.7
• 0.26
• 0.74

How has China’s approach to farming changed in recent years?

• Collective farming
• Individual decision-making
• State-owned farming
• No changes
• All of the above

What is the primary reason for Japan’s heavy reliance on trade?

• High consumer demand
• Lack of natural resources
• Government policy
• Economic growth
• Cultural tradition

How did the COVID-19 pandemic affect Japan’s economy?

• No impact
• Economic growth
• Economic shrinkage
• Increased trade
• Decreased inflation

Which country’s economy is described as being almost equally half-free market and half-command?

• China
• India
• Japan
• North Korea
• South Korea

What role does entrepreneurship play in South Korea’s economy?

• Minimal impact
• Discouraged by the government
• Illegal
• Significant role
• None of the above

Which economic system does North Korea’s economy fall under?

• Market Economy
• Mixed Economy
• Command Economy
• Traditional Economy
• None of the above