WorksheetsSouthern and Eastern Asia Economics Review
Total questions: 17
Worksheet time: 9mins
South Korea invests heavily in human capital, spending about 7.6% of the nation's gross domestic product on education annually. The government promotes small businesses by making it easy to start a new business. Based on this information, which of the following is MOST LIKELY a characteristic of the South Korean economy?
a reliance on low-skilled professions
a high level of entrepreneurship
a low level of international trade
a reliance on natural resource exports
Which situation is an example of investment in capital goods?
The Chinese government sells its ownership stake in a steel company.
The North Korean government purchases tractors for its collective farms
South Korea reduces the corporate tax rate to attract foreign businesses.
The Indian government increases funding for public education.
Why would a government impose a tariff?
to reduce the average prices of certain goods
to reduce the amount of taxes that consumers pay
to protect its economy from foreign direct investment
to protect domestic businesses from foreign competition
Which situation is an example of investment in capital goods?
The Chinese government sells its ownership stake in a steel company.
A Japanese car company purchases new assembly equipment
South Korea reduces the corporate tax rate to attract foreign businesses.
The Indian government increases funding for public education.
A low literacy rate usually indicates that a country lacks
capital goods.
a strong agricultural sector.
human capital
a strong industrial sector
What should a country invest in to increase its literacy rate?
health care
education
energy
national defense
Japan is one of the world's largest net importers of agricultural products, MAINLY due to its lack of
entrepreneurship
human resources.
capital resources
natural resources
Which two Asian countries have large amounts of arable farmland?
India and China
Japan and North Korea
India and South Korea
Japan and China
Based on the table, which statement is MOST LIKELY correct?
Japan has a higher average standard of living than India
India has a higher average standard of living than South Korea.
China spends more per student on education than Japan.
India spends more per student on education than South Korea.
Which of these people is an entrepreneur?
Anil reads books to children while volunteering at the library.
Priya sells some of her clothes to a thrift shop to earn extra money
Ken uses his savings to open a coffee shop and hires his friend Yui.
Li Wei washes dishes at his father's restaurant when he is not in school.
Specialization allows nations to engage in which of the following?
producing goods to be bartered rather than bought
purchasing goods and resources without trade barriers
purchasing goods they cannot produce from other nations
producing goods and services without regulatory oversight
Many nations want to pressure the North Korean government into halting the further development of nuclear weapons. Some nations want the leadership of the country to change entirely. What would put the MOST pressure on the North Korean economy and political leaders?
increased tariffs
an embargo on all trade
a free trade agreement
reduced quotas
Only 20 percent of land in Japan is good for farming, making the opportunity cost of commercial agriculture much higher than in countries with more land. How did the government create economic growth despite its lack of land?
Its economic policies banned the export of any agricultural goods produced in the country.
It adopted laissez-faire policies so that the market could determine which goods should be produced.
Its economic policies encouraged businesses to specialize in manufacturing and technology.
It adopted a common currency with its largest trading partners to reduce the transaction costs of trade.
A system for exchanging currencies is necessary for
international trade to occur.
entrepreneurs to earn profits.
countries to become self-sufficient
individuals to manage their income
Which situation involves a tariff?
South Korea suspends all trade with China.
India increases its level of trade with Japan.
China places a tax on automobiles imported from Japan.
Japan limits the amount of computers imported from China
Why do businesses invest in capital goods?
to improve productive efficiency
to improve their employees' skills
to encourage entrepreneurship
to encourage competition
Which situation involves a quota?
Japan raises export taxes on automobiles.
South Korea suspends all trade with China.
North Korea bans its businesses from exporting any goods.
Japan limits the amount of computers imported from China.
