SE Asia Economies #3: Question Preview (ID: 12353)

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The economy of North Korea can best be described as mostly
a) market
b) command
c) traditional
d) free enterprise

Most major economic decisions in North Korea are made by
a) the Korean people
b) Premier Kim Jong-Un
c) the North Korean Parliament
d) the Korean industrial leaders

What is economic specialization?
a) trying to avoid investing in industry and technology because of the high costs
b) directly swapping goods from one country to another without using money
c) producing a good at a lower cost than other countries and using that good to trade for other goods
d) producing all goods and services needed for a country's growth so they do not have to trade

Why does economic specialization make trade between countries easier?
a) Competition between countries no longer exists
b) There will always be a steady supply of manufactured goods on the market.
c) A country's economy will never go through a depression if specialization is practiced
d) Countries can produce those things they make best and trade with others for what they need

What is a tariff?
a) A tax paid by the purchaser when goods are sold
b) A tax placed on goods coming into one country from another
c) A tax placed on goods made by local craftsman or manufacturers
d) A fee paid when goods are shipped from one state to another in the US

What is an embargo?
a) A halt to trade with a particular country for economic or political reasons
b) A tax placed on goods coming into the country from overseas
c) A tax paid by the producer before he can sell his goods in another country
d) A limit to the amount of a certain good allowed into the country

What is a quota?
a) A tax placed on imported goods when they enter the country
b) A limit to the number of foreign-produced goods that are allowed into the country
c) A decision to prevent certain goods from being imported at all
d) A tax placed on goods when they are purchased in the market place

What is human capital?
a) skills and education the workers have
b) taxes collected from a country's workers
c) money paid to workers for producing goods
d) amount of goods sold in foreign trade in a year

What is the definition of GDP (gross domestic product)?
a) The amount collected in taxes from the people of a country in a given year
b) the total value of goods and services a country produces in a year
c) the value of all goods and services produced by small shops and individual businesses
d) the value of all products a country buys from overseas nations in a given year

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) GDP is not affected if workers pay for the investment out of their own pockets.
c) Most workers want to keep their jobs just as they are and do not care about GDP.
d) GDP may go down because poorly trained workers will not be able to do their jobs as well.

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