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WorksheetsEconomic Systems of Southern and Eastern Asia
Total questions: 21
Worksheet time: 11mins
Why do most countries in the world today fall somewhere between a market and a command economy?
Some government control has never been successful.
Government control always makes a market economy more profitable.
Most consumers prefer government control to free market.
Most countries have found they need a mix of free market and government control to be successful.
Most economic decisions in North Korea are made by
Korean industrial leaders
North Korean parliament
Korean people
Supreme Military Leader Kim Jong-un
The Japanese economy has to make up for the country's lack of
education
population
natural resources
fish
In a command economy, economic decisions are made by the:
consumers
market
government
producers
The economy of North Korea can best be described as mostly
traditional
command
market
mixed
Poor decisions made about how to organize farming in North Korea have resulted in many years of
drought
labor strikes
starvation
protests
Today, at least 50% of China's workers are involved in
the military
agriculture
service industries
education
Which has been a constant problem for India's economy?
a GDP that has not grown in many years
lack of a strong middle class
expense of maintaining a large military
overpopulation and poverty found throughout the country
Why does specialization make trade between countries easier?
There will always be a steady supply of goods on the market so trade is not needed.
Countries can produce what they make best and trade with others for what they need.
A country's economy will never go through a difficult time if they specialize in a good.
The competition between countries will not exist.
Why has Japan specialized in the area of technology?
It has few natural resources and little farmland.
It has a poorly educated population.
The money earned is used to support the military.
The country has little in the way of fishing.
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 of the following BEST describes a market system?
The government provides services, such as telephones and televisions.
A person can start any legal business and charge any price.
The government provides food and housing to all workers.
Businesses are owned by the government.
Most democratic nations have ___ economies.
mixed
traditional
command
market
Most democratic nations have ___ economies.
command
traditional
mixed
market
Why is it important for a country to invest in human capital?
Workers enjoy getting extra training nd job opportunities.
A country's economy is more successful when workers have good education and health care.
Businesses cannot do all the training needed for workers to be successful.
A country needs money in order to pay its workers.
Supreme Military Leader Kim Jong-un has spent a great deal of North Korea's resources on
education.
foreign trade.
medical care.
the military.
The Great Leap Forward and the Cultural Revolution were examples of Chine's attempt to
control population growth.
end communism.
sell more goods with the U.S.
improve the economy.
What is the main reason for people to exchange currency?
to buy and sell goods and services with other countries
to have foreign money
to use American dollars to trade
to make more money by trading currencies
What is an example of a physical trade barrier in Southeast Asia?
embargo on North Korea
Gobi Desert
Quota on South Korean televisions
Tariff on Japanese cars
The economies of China, India, and Japan can all be described as:
traditional
command
market
mixed
Which trade barrier sets up a complete ban on trading between countries?
embargo
tariff
mountain range
quota
