China & Japan Social Studies Quiz

When a government, such as China, is in control of all factors of production, which factor of production is most strongly affected?

• jobs

• entrepreneurship

• money

• natural resources

The communist government of North Korea has only so much capital, and therefore it is limited in the number of competing businesses to invest in. This means there may not be many businesses that compete against each other in North Korea, and therefore, the cost of products may be...

• cheap for consumers.

• just right or consumers.

• expensive for consumers.

When certain United States' businesses make products in other countries, these businesses are...

• outsourcing manufacturing jobs to other countries.

• creating products in outer space.

• importing products from other countries.

• ensuring domestic production only.

When a communist country, such as China, gains capital...

• the country can invest in more businesses and create more jobs.

• communist countries automatically transition to capitalism when gaining capital.

• communist countries do not prioritize capital growth.

• capital accumulation is impossible in a communist country.

Which kind of economy has the most competing businesses, and therefore the most consumer choice?

• mixed

• market

• command

• traditional

Government makes all of the economic decisions in a _______ economy.

In a market economy, there are many entrepreneurs. What is another name for entrepreneur?

• business owner

• private owner

• Amazon

• Tesla

When business competition goes up, prices go....

• up.

• through the roof.

• down.

An economy in which the market determines prices, products, and services rather than the government is a...

• command economy.

• free market economy.

• planned economy.

• socialist economy.

Cultural diffusion is...

• The restriction of cultural beliefs within a society.
• The elimination of cultural diversity.
• The promotion of cultural isolation.
• The spread of cultural beliefs, practices, and ideas from one society to another.