Winter Final 2018b Question Preview (ID: 45159)


WInter Exam 40b. TEACHERS: click here for quick copy question ID numbers.

Government owns the factors of production • Government answers the question of who, what and how to produce • Government eliminates choice and competition What type of economic system is described?
a) Capitalism
b) Command
c) Market
d) Mixed

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

Why would a country want to erect trade barriers such as tariffs or quotas?
a) to make goods cheaper
b) to expand their markets
c) to protect domestic jobs
d) to stimulate the economy

Which Asian country, with a tightly controlled media and few freedoms for citizens, is described as a hereditary dictatorship?
a) Japan
b) China
c) South Korea
d) North Korea

· It is one of the most successful market economies in the world today. · Its economy is the second largest in the world, with $4.5 trillion in GDP. · Because of its physical geography there is little land available for farming, so it is highly ind
a) India
b) Japan
c) Vietnam
d) North Korea

Despite having one of the largest economies in the world (based on nominal GDP) what problem faces Japan that could affect its economic growth?
a) It does not have a good coastline for trade
b) It has a very small population of skilled labor
c) It spends most of its tax money on the military
d) It has a very limited supply of natural resources

Which Asian country is a parliamentary democracy, with an emperor who is mainly a ceremonial figurehead, and real political power vested in the prime minister?
a) China
b) Japan
c) Laos
d) Vietnam

Which nation experienced a communist revolution in the years immediately following World War II?
a) Afghanistan
b) China
c) Japan
d) Russia

India remained under the authority of Britain until the late 1940s when it adopted a Constitution and proclaimed itself a
a) state
b) republic
c) monarchy
d) world power

Which philosophy came from China and later adopted by Japanese warriors because it emphasized obedience and social harmony?
a) Confucianism
b) Daoism
c) Legalism
d) Shintoism

A tariff is a form of taxation on foreign products, while a quota is a ______ on imports from foreign countries.
a) boost
b) increase
c) limit
d) rise

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