Reference no: EM133063801

QUESTION 1: What type of economic system is used by North Korea?

A. Planned socialism with some market reforms

B. Market socialism

C. Command capitalism

D. Planned socialism

QUESTION 2

What has been North Korea's approach to adopting market-based reforms since the 1990's?

A. North Korea has alternately adopted and then moved away from market reforms

B. The authors do not address this aspect of the North Korean economy

C. North Korea has steadily moved away from market reforms and has adopted command policies

D. North Korea has steadily increased it's adoption of market reforms

QUESTION 3

Which economic structure has been adopted by South Korea?

A. Command capitalism (like Germany during World War II)

B. Laissez-faire market capitalism (like Hong Kong)

C. Market capitalism with indicative planning (like Japan)

D. Market socialism (like China)

QUESTION 4

Based on the Gini coefficients reported in Table 14.1, which Asian economy has the most equal income distribution?

A. Hong Kong

B. Taiwan

C. South Korea

D. Vietnam

QUESTION 5

Which of the following statements is true?

A. South Korea had much higher economic potential than North Korea at the end of World War II

B. South Korea has generated higher economic output than North Korea each year since 1953

C. North Korean economic output surpassed South Korean economic output before 1975

D. North Korea has reduced the output gap with South Korea in the past 10 years