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SE Asia Economies #3
Test Description: SE Asia Economies #3
Instructions: Answer all questions to get your test result.
1) The economy of North Korea can best be described as mostly
A
market
B
command
C
traditional
D
free enterprise
2) Most major economic decisions in North Korea are made by
A
Premier Kim Jong-Un
B
the Korean people
C
the Korean industrial leaders
D
the North Korean Parliament
3) What is economic specialization?
A
producing all goods and services needed for a country's growth so they do not have to trade
B
producing a good at a lower cost than other countries and using that good to trade for other goods
C
directly swapping goods from one country to another without using money
D
trying to avoid investing in industry and technology because of the high costs
4) Why does economic specialization make trade between countries easier?
A
There will always be a steady supply of manufactured goods on the market.
B
A country's economy will never go through a depression if specialization is practiced
C
Competition between countries no longer exists
D
Countries can produce those things they make best and trade with others for what they need
5) What is a tariff?
A
A tax paid by the purchaser when goods are sold
B
A fee paid when goods are shipped from one state to another in the US
C
A tax placed on goods made by local craftsman or manufacturers
D
A tax placed on goods coming into one country from another
6) What is an embargo?
A
A tax paid by the producer before he can sell his goods in another country
B
A halt to trade with a particular country for economic or political reasons
C
A tax placed on goods coming into the country from overseas
D
A limit to the amount of a certain good allowed into the country
7) What is a quota?
A
A decision to prevent certain goods from being imported at all
B
A tax placed on imported goods when they enter the country
C
A limit to the number of foreign-produced goods that are allowed into the country
D
A tax placed on goods when they are purchased in the market place
8) What is human capital?
A
amount of goods sold in foreign trade in a year
B
skills and education the workers have
C
money paid to workers for producing goods
D
taxes collected from a country's workers
9) What is the definition of GDP (gross domestic product)?
A
the value of all products a country buys from overseas nations in a given year
B
the total value of goods and services a country produces in a year
C
The amount collected in taxes from the people of a country in a given year
D
the value of all goods and services produced by small shops and individual businesses
10) If a county does not invest in its human capital, how can it affect the country's GDP?
A
Investment in human capital has little effect on a country's GDP.
B
Most workers want to keep their jobs just as they are and do not care about GDP.
C
GDP is not affected if workers pay for the investment out of their own pockets.
D
GDP may go down because poorly trained workers will not be able to do their jobs as well.
*select an answer for all questions
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