Southern Eastern Asia Economics Review: Question Preview (ID: 23901)

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In a command economy, how is it determined what goods and services will be produced?
a) Businesses decide what to produce on the basis of market conditions.
b) Consumers decide through their behavior in the marketplace.
c) Central government planning decides what will be produced.
d) Supply and demand control production and price.

The North Korean government controls every aspect of the economy. All decisions are made by the government as to what will be produced, for whom, and how it will be produced. North Korea's economic system can MOSTLY be classified as a
a) Modern Economy.
b) Market Economy
c) Command Economy
d) Mixed Economy

· It is one of today's most successful global economies. · Its economy is the world's second largest.. · Because of its physical geography there is little land available for farming. What nation is being described?
a) India
b) Japan
c) China
d) North Korea

· It is one of only a few command economies still in existence · It was the scene of widespread famine as recently as the late 1990s. · Though it has an extremely low per capita GDP, it spends the most of its budget on its military. These describe:
a) North Korea
b) South Korea
c) Japan
d) China

Unlike the economies of Japan and India, the North Korean economy
a) is almost entirely run by the government
b) is open to the forces of supply and demand.
c) has limited its reliance on military spending.
d) has not completely collapsed into an economic depression.

Why is a system of currency exchange necessary for international trade?
a) Nearly all world currencies are worthless on the world market.
b) Those buying goods on the world market only accept payment in gold and silver.
c) Most goods bought on the international market must be bought and paid for using United States dollars only.
d) There must be a way to pay for goods purchased from countries with different types of currencies due to Nationalism

A tariff is a tax on ___.
a) exports
b) local goods
c) imports
d) services

An import quota is a
a) a

a) a

a) a
b) a

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