[BASIC] Class #002 - Japan's Economic Decline | March 5, 2024

Which country has lost its place as the world's third-largest economy?

• Australia

• India

• Germany

• China

What was Japan's nominal gross domestic product for 2023?

• 5915 trillion yen

• $4.5 trillion

• $4.2 trillion

• 2/3 of Japan's population

When did Japan become the second-largest economy in the world?

• 2020

• 1968

• 2010

• 2026

What are the direct causes of Japan slipping to number four in the global economy?

• Weaker Yen and strong inflation in Germany

• Near zero growth in global trade

• Shrinking population and low wages

• Both A and B

What has been a stark difference in how Japanese employers have been paying their people over the past three decades?

• Virtually unchanged wages

• More than double wages

• No difference in wages

• Both A and B

What does a weaker Yen mean for Japanese consumers?

• Lower prices for imports

• Higher prices for imports

• No impact on imports

• Increased exports

What is one of the challenges for Japan to regain its economic strength?

• Investing more in people

• Building a resilient supply chain

• Working closer with Asian countries

• All of the above

What changed last year for Japanese companies in terms of wage growth?

• They cut expenses

• They suppressed wage growth

• They offered the biggest hikes in 30 years

• They didn't change anything

What is key for achieving stable and sustainable economic growth according to the text?

• Working closer with Asian countries

• Strengthening domestic production

• Securing enough raw materials from reliable sources

• All of the above

What does Japan need to create winding relationships with, especially during an era marked by a volatile and unstable global economy?

• EU Market

• Australia and Canada

• Asian countries and other emerging economies of the global South

• None of the above