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WorksheetsSE Asia Economics
Total questions: 12
Worksheet time: 6mins
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
Premier Kim Jong-il
The Japanese economy has to make up for the country’s lack of:
Education
Population
Natural resources
Fish
The economy of North Korea can best be described as:
Traditional
Command
Market
Mixed
Poor decisions made about how to organize farming in North Korea have resulted in many years of:
Drought
Farmers refusing to work
Starvation
Arguments about what crops to grow
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 television.
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.
The Great Leap Forward and the Cultural Revolution were examples of China’s attempt to:
Improve the economy
End communism
Sell more goods with the US
Control population growth
Which trade barrier sets up a complete ban on trading between countries?
mountains
tariff
quota
embargo
