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

Which country recently surpassed Japan to become the world's third-largest economy?

• Germany

• China

• Australia

• India

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

• 4.2

• 5.915

• 4.5

• 2.3

What was one of the direct causes for Japan falling behind Germany in terms of the size of their economies?

• Weaker Yen against the dollar

• Strong inflation in Japan

• High wages in Japan

• Global trade growth

What has been a significant factor contributing to Japan's decline in global competition over the years?

• Shrinking population

• High wages

• Strong domestic economy

• Increased investments

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

• Cut expenses to suppress wage growth

• Ignore emerging economies

• Reduce investments in domestic production

• Invest more in people by raising wages

What was the trend in Japanese nominal wages compared to advanced countries like Germany over the past three decades?

• Virtually unchanged

• Doubled

• Tripled

• Halved

What is a possible consequence of Japan's weaker economy in terms of human capital?

• Increased talent retention

• More investments in education

• Risk of human capital flight

• Higher wages for skilled workers

What is mentioned as a key factor for Japan to achieve stable and sustainable economic growth?

• Decreasing investments in people

• Securing raw materials from unreliable sources

• Reducing domestic production

• Building a resilient supply chain

What is highlighted as an important action for Japan to take during an era of a volatile global economy?

• Focus solely on domestic production

• Work closer with Asian countries and other emerging economies

• Isolate itself from global markets

• Reduce economic ties with the EU

What was the trend in Japanese companies' willingness to hike pay in the face of a serious labor shortage?

• Finally offered the biggest hikes in 30 years

• Increased investments in overseas markets

• Continued to suppress wage growth

• Reduced pay for employees