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Econ 366 exam |Questions Solved 100% Correct | Verified Solutions 2024/25 Update
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Econ 366 exam |Questions Solved 100% Correct | Verified Solutions 2024/25 Update
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Econ 366 exam |Questions Solved 100% Correct |Verified Solutions 2024/25 Update
When was the British Colony of Hong Kong returned to China? - ✔✔July 1st, 1997
Name of Hong Kong Currency and US exchange rate - ✔✔Hong Kong Dollar (HKD)
USD1=HKD7.8; pegged exchange rate
What is a pegged exchange rate? - ✔✔A fixed exchange rate, sometimes called a pegged
exchange rate, is a type of exchange rate regime where a currency's value is fixed against either
the value of another single currency, to a basket of other currencies, or to another measure of
value, such as gold.
Describe the Economy (There's quite a bit..) - ✔✔-Open, Free Market
-successful specialization in services (>90% in GDP)
Ranked number 1 in Economic Freedom (Singapore is 2; U.S. is about 10; Taiwan is 20; Japan is
24, China is 136, North Korea is 177)
-Strengths: Sound Banking System, virtually no public debt, a strong legal system, ample foreign
exchange reserves, and an able and rigorously enforced anti-corruption regime, quick to
respond to changing circumstances
-Major financial international financial center
-Out of the largest 100 banks, 70 have an operation in Hong Kong.
-High Degree of Liquidity and works under effective and transparent regulations.
U.S.'s view on Hong Kong - ✔✔Enjoy the legal system and the free flow of taxation, and
infrastructure.
Per Capita GDP of Hong Kong - ✔✔$36,796 (2012), but high inequality (Gini index 53.3%,
2007)
, Municipalities of China - ✔✔Beijing, Tianjin, Shanghai and Chongqing
Provinces of China - ✔✔Hebei, Henan, Hubei, Hunan, Sichuan, Anhui, Jiangsu, Zhejiang,
Fujian, Guangdong, Yunnan etc.
How many autonomous regions of ethnic minorities are there? - ✔✔5
What are the three major rivers of China (know the location) - ✔✔Yellow (Huanghe), Yangtze
(Changjiang) and Peal (Zhujiang)
Planned (command) Economy vs. Market Economy - ✔✔A planned economy is the economic
system in which decisions regarding production and investment are embodied in a plan
formulated by a central authority, usually by a public body such as a government agency.
A market economy is an economy in which decisions regarding investment, production, and
distribution are based on supply and demand, and prices of goods and services are determined
in a free price system
The 3rd Plenum of 11th CPC Central Committee (Dec. 1978) - ✔✔Basically,.. When Deng
Xiaoping took over..
The conference marked the beginning of the "Reform and Opening Up" policy, and is widely
seen as the moment when Deng Xiaoping became paramount leader of China replacing Hua
Guofeng, who remained nominal Chairman of the Communist Party of China until 1981. The
meeting was a decisive turning point in post-1949 Chinese history, marking the beginning of the
wholesale repudiation of Mao's Cultural Revolution policies, and set China on the course for
nationwide economic reforms.
Household registration (Hukou) - ✔✔A household registration record officially identifies a
person as a resident of an area and includes identifying information such as name, parents,
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