Asia ACP Review

System where economic decisions are made based upon customs and traditions

• Communist/Command
• Free Enterprise/Market/Capitalist
• Traditional
• Socialist/Mixed

System where economic decisions are totally controlled by the government

• Communist/Command
• Socialist/Mixed
• Traditional
• Free Enterprise/Market/Capitalist

The government runs and private ownership of businesses both exist in a country.

• Communist/Command
• Free Enterprise/Market/Capitalist
• Traditional
• Socialist/Mixed

Which of the following is closest to Free enterprise/market on the economic continuum?

• Japan
• China
• North Korea
• India

The tools, technology, and equipment workers use to produce goods and services.

• Specialization
• GDP
• Human Capital
• Capital Goods

Which of the following is a component of Free Enterprise?

• Taxing imported goods
• Setting up an embargo
• Protecting private property rights
• Using government planners to make decisions

Economic Growth occurs when...

• when there is a quota on imports
• everyone in the country is literate
• everyone in the country has a job
• a country's total GDP increases

Which of the following countries is closest to command on the economic continuum?

• Japan
• North Korea
• China
• India

How do the Japanese cope with having very little arable land?

• people are starving
• they are part of the Special Economic Zones
• they build terrace farms
• they just import food from other countries

How has military spending had a negative effect on North Korea's people?

• Government doesn't invest enough on necessities like food.
• Too many men are required to join the military.
• Weapons of mass destruction are being produced.
• NK's citizens are not allowed to trade with other countries.