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Unit 13 Review
Test Description: Unit 13 review
Instructions: Answer all questions to get your test result.
1) in a command economy, how is it determined what goods and services will be produced
A
consumers decide
B
central gov planning decides what will be produced
C
busineses decide
D
supply and demand
2) which nations economy could be considered command
A
australia
B
japan
C
india
D
north korea
3) the north korea gov controls every aspect
A
mixed
B
traditional
C
market
D
command
4) which nation is best example of mixed
A
china
B
vietnam
C
india
D
north korea
5) changes in chinas economy...
A
chinas isolation
B
increased reliance on command
C
china's shift to greater market
D
chinas economic stagnation
6) its the worlds second largest econ
A
vietnam
B
japan
C
north korea
D
india
7) one of only few commands still left
A
india
B
north korea
C
japan
D
vietnam
8) gov owns all
A
command
B
new
C
market
D
traditional
9) which definition is best for market
A
gov decides
B
prices determined by buyers and sellers
C
goods sold in large stores
D
gov decides more
10) one country is more market and other is more closed, both powerful militaries
A
india and japan
B
china and japan
C
china and india
D
north korea and china
11) why is system of currency exchange needed?
A
there must be a way to pay for goods in different countries
B
nearly all world currencies are worthless
C
they only accept gold and silver
D
they only use us dollars
12) a tariff is tax on
A
imports
B
food
C
exports
D
services
13) an import quote is a
A
no more trading
B
legal limit on exports
C
tax on imports
D
legal limit on imports
14) during war which is used
A
quota
B
embargo
C
tariff
D
subsidy
15) why tariff or quota?
A
to expand markets
B
to make goods cheaper
C
to stimulate the economy
D
to protect domestic jobs
16) which nation has lowest lit rate?
A
vietnam
B
india
C
china
D
japan
17) which statement is true?
A
there is no relationship...EVER!!!!!
B
japan has higher gdp and higher lit rate
C
japan has lower lit rate but higher gdp
D
china has lower lit rate but higher gdp
18) a problem with japans economy is
A
lack of trading partners
B
too much money
C
lack of natural resources
D
too much land
19) why does japan have low growth?
A
japans economic reporting is faulty
B
japans economy is already developed and robust
C
japan has borowed vast amounts of money from china?
D
india provided japan with loans for factories
20) why does india rank at the bottom?
A
big land area
B
big population
C
government type
D
lit rate 65%
*select an answer for all questions
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