Why do most countries have a mixed economy?

The people & the government share control to be successful.

Which of the following defines a market system?

The people control what is bought and produced.

Why is a system of currency exchange necessary for international trade?

Need a way to pay for goods from places with diff. currency.

What is one thing that tariffs and quotas have in common?

Limit trade with other countries

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Asian Economics

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Questions 15

Answers

1
Which country has an almost pure command economy?
North Korea
Japan
India
China
2
The raw materials that come from the ground are called what?
LIteracy rate
Natural resources
Capital
Human capital
3
The factories and physical machinery needed to produce a product is called what?
GDP
Human capital
Capital
Natural resources
4
China, India, and Japan all have which economic system?
Traditional
Market
Mixed
Command
5
Why do most countries have a mixed economy?
They need full government control.
The people & the government share control to be successful.
No one should be in control to make an economy successful.
The people need complete control.
6
Which of the following is an example of a traditional economy?
Bartering fabric for grain
Using a credit card to pay at a restaurant
Using cash to buy a video game
Using cash to pay for a haircut
7
Which of the following defines a market system?
The people control what is bought and produced.
Both the people and the government control some parts.
The government controls what is bought and sold.
People make and buy products based on custom and habit.
8
Which of the following countries has the highest GDP?
China
India
Japan
North Korea
9
Why is a system of currency exchange necessary for international trade?
Goods must be paid for in gold and silver.
Need a way to pay for goods from places with diff. currency.
All goods must be paid for in US dollars.
All currencies are worthless on the world market.
10
Producing the goods a country can make efficiently & trading for goods not easily made is what?
Specialization
Entrepreneurship
Foreign trade
Voluntary trade
11
What are the two currencies used by China and India?
Lira and Afghani
Yuan and Dollar
Yuan and Rupee
Rupee and Dollar
12
Which of the following can help raise a country's GDP?
Higher literacy rate
Total government control
Restrict all foreign trade
Less education
13
A complete block on trade with a country, usually for political reasons, is called what?
Tariff
Embargo
Barrier
Quota
14
What is one thing that tariffs and quotas have in common?
Punish companies in your country
Help foreign companies
Limit trade with other countries
Completely block trade
15
Which of the following countries has the lowest GDP?
North Korea
Japan
India
China

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