Lesson 2: Economic Globalization - Types of Economies
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Questions and Answers

Which economic system does North Korea primarily follow?

  • Mixed Economy
  • Market Economy
  • Capitalist Economy
  • Socialist Economy (correct)

    • Which country is given as an example of Trade Liberalization?

  • North Korea
  • Iran
  • The Philippines (correct)
  • China

    • What is the primary purpose of imposing tariffs?

  • To promote local industries and protect local workers (correct)
  • To discourage international trade
  • To reduce the cost of imported goods
  • To increase consumer spending

    • What is outsourcing, as described in the text?

    <p>The practice of hiring a company or individual outside of the home country to perform work</p> Signup and view all the answers

    How does outsourcing affect consumer prices?

    <p>It lowers consumer prices</p> Signup and view all the answers

    If a felt-tip pen is sold in country A for 10 pesos and a tariff of 5 pesos is imposed on every imported product in country B, what will be the new selling price of the pen in country B?

    <p>15 pesos</p> Signup and view all the answers

    Which economic system is characterized by limited government intervention and private ownership of resources?

    <p>Capitalist Economy</p> Signup and view all the answers

    In a globalized world, which economic policy is generally favored: Protectionism or Trade Liberalization?

    <p>Trade Liberalization</p> Signup and view all the answers

    Which economic system combines aspects of capitalism and socialism?

    <p>Mixed Economy</p> Signup and view all the answers

    How does a tariff affect the price of an imported product?

    <p>It increases the price</p> Signup and view all the answers

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