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SEA Econ Review 1
Test Description: South and East Asia Economics Review Part 1
Instructions: Answer all questions to get your test result.
1) India has a focused on education their workforce. This is an example of ______________
A
Entrepreneur
B
Exchange Rate
C
Human Capital
D
Capital Goods
2) Which is not one of the basic economic questions?
A
How to produce it?
B
How much to charge for it?
C
Who to produce it for?
D
What to produce?
3) This country has one of the most technologically advanced economies in the world:
A
North Korea
B
China
C
Japan
D
India
4) Which country has the ability to provide enough food for the people?
A
China
B
None of the above
C
India
D
North Korea
5) What type of economic system is found in North Korea
A
Traditional
B
Command
C
Mi
D
Market
6) A specific amount (or limit) of goods that a country imports:
A
Specialization
B
Quota
C
Tariff
D
Embargo
7) A refusal to trade with another country, usually for political reasons
A
Quota
B
Specialization
C
Embargo
D
Tariff
8) Economic system where decisions are made based on custom and habit
A
Market
B
Mixed
C
Traditional
D
Command
9) Someone willing to take a risk and start a new business or create a product
A
Human Capital
B
Capital Goods
C
Entrepreneur
D
Gross Domestic Product
10) Investments in factories, machines, technology, and vehicles are called....
A
Human Capital
B
Gross Domestic Product
C
Capital Goods
D
Entrepreneur
11) Producing those products and services that your country makes best or most easily.
A
Embargo
B
Specialization
C
Quota
D
Tariff
12) This country has an economy where the government makes all of the decisions and owns nearly all the factories and land.
A
Japan
B
North Korea
C
China
D
India
13) This makes trade possible between two countries with different types of money.
A
Gross Domestic Product
B
Exchange Rate
C
Human Capital
D
Standard of Living
*select an answer for all questions
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