WorksheetsUnit 7: Southern & Eastern Asia Economics
Total questions: 42
Worksheet time: 14mins
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.
What should a country invest in to increase its literacy rate?
health care
education
energy
national defense
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
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.
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
A low literacy rate usually indicates that a country lacks
capital goods.
a strong agricultural sector.
human capital
a strong industrial sector
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.
In a _____ economic system all economic decisions are made by the government
Traditional
Market
Mixed
Command
skills, knowledge, and education of workers are examples of _____.
natural resources
human capital
capital goods
entrepreneurship
One who takes a risk to start a business is a(n) ____.
businessman
entrepreneur
coworker
unemployed
___ are examples of natural resources
oil
coal
rivers
all of these
All of the following are types of economies EXCEPT ___.
Command
Demand
market
traditional
when companies spend money to provide healthcare for their employees, they are investing in ___.
human capital
capital goods
natural resources
entrepreneurs
Which of the following is NOT a question that countries must answer when developing an economic plan?
What to produce?
How will goods be produced?
For whom will goods be produced?
How much will the goods cost?
GDP stands for ____.
Gross Daily Product
Gross Domestic Product
Gross Domestic Payoff
Gross Daily Produce
A country's goods and services produced easily and efficiently is called _____.
Goods
Trade
specialization
Produce
The total value of goods and services produced in a country is called ____.
GDP
DGP
PDG
ADD
What type of economic system is found in Japan?
Mixed market
Command
Market
Traditional
What country is the least free country
China
Japan
North Korea
South Korea
Which trade barrier sets up a complete ban on trading between countries?
mountains
tariff
quota
embargo
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.
What type of economic system do most modern countries utilize?
traditional
command
market
mixed
What Southern and Eastern Asian nation's economy is marked by the letter A on the continuum?
China
India
Japan
North Korea
South Korea
What Southern and Eastern Asian nation's economy is marked by the letter B on the continuum?
China
India
Japan
North Korea
South Korea
What Southern and Eastern Asian nation's economy is marked by the letter C on the continuum?
China
India
Japan
North Korea
South Korea
What Southern and Eastern Asian nation's economy is marked by the letter D on the continuum?
China
India
Japan
North Korea
South Korea
What Southern and Eastern Asian nation's economy is marked by the letter E on the continuum?
China
India
Japan
North Korea
South Korea
Which economy has the highest level of government control?
South Korea
North Korea
Japan
India
China
Which economy has the least amount of government control?
South Korea
North Korea
Japan
India
China
The American government has trade agreements and civil diplomatic relations with all of these countries EXCEPT
North Korea
South Korea
China
Japan
India
Why has the economy of India grown faster than other southeastern Asian nations?
India is more market economy than command economy,
India is more command economy than market economy.
India is more traditional economy than market economy.
India is more command economy than traditional economy.
India's economy is
one of the largest in the world with a mix of market and traditional
one of the world's most struggling economies
the largest economy in the world
mainly a traditional economy
What impact does a low literacy rate have on a nation? CHOOSE 2...
little economic development
high unemployment
lots of economic development
lower unemployment
increased GDP
What makes North Korea's economy different from the economies of India and Japan?
Trade is open to all other countries around the world.
Individuals can open businesses and set sale prices.
The government makes all the economic decisions.
All products are made elsewhere and then imported.
In which country would the gov't BEST be able to control the amount paid to farmers in exchange for agriculture goods?
North Korea
South Korea
Japan
India
How do market economies compare to command economies?
Command economies provide consumers with more choices than market economies
Command economies provide greater private property protections than market
Market economies are more strictly regulated by the government than command
Market economies are more encouraging of entrepreneurship than command economies
