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Economics Test Review
Economics Test Review
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1
Who makes the decisions in a traditional economy?
Combination of Consumers and Producers
The Government
Based on Customs and Traditions
The Consumers
2
Industry, factories and buildings are which factor of production?
Technology
Capital Goods
Natural Resources
Human Capital
3
Why are most countries considered to have a Mixed Economy?
Countries need many choices for its people
Most have aspects of more than one type of economic system
Individuals cannot decide for themselves
They only want the government to be in charge
4
Why is it important to invest in human capital?
To decrease the wealth of the nation
To educate people so they develop skills
So that citizens travel to other countries
To make sure the people never leave
5
To purchase an item from another country, there must be a system of what?
International Spending
Currency Exchange
World Bank
Foreign Trade
6
Between South Africa, Nigeria and Kenya, which country has the highest percentage of government control?
South Africa
Nigeria
Kenya
7
Which is NOT a factor of production?
Entrepreneurship
Capital Goods
Trade Barriers
Human Capital
8
The total value of goods produced in a country in one year is known as
Gross Domestic Product
Foreign Exchange Rates
Gross National Product
International Trade Barriers
9
Following World War 2, many African nations began fighting for what?
Food
Civil War
Independence
Peace
10
Which is a NOT a negative effect of apartheid?
Crime
Mining Industry
Unemployment
Poverty
11
A person that takes a risk in starting their own business is known as a
A Salesman
Lobbyist
Business Partner
Entrepreneur
12
Which country is still dealing with the negative effects of apartheid?
Egypt
Nigeria
South Africa
Kenya
13
Investing in the skills, knowledge and talent of your people is an investment in what?
Technology
Human Capital
Entrepreneurship
Capital Goods
14
The governments of Nigeria and Kenya still control the Oil and which other industry?
Coffe Plants
Steel
Agriculture
Fishing
15
Mixed economies combine elements of which two main systems?
Command and Traditional
Command and Market
Market and Traditional
16
Nigeria specializes in which natural resource?
Timber
Rubber
Oil
Peanut Butter
17
Who makes the decisions in a pure command economy?
The People
The Government
The Military
The United Nations
18
South Africa specializes in exporting which natural resources?
Oil and Timber
Coal and Berries
Coffee Beans and Oil
Gold and Diamonds
19
South Africa, Nigeria and Kenya all share which economic system?
Mixed
Market
Command
Traditional
20
Why does the United States worry about other countries selling Uranium?
Uranium is used to produce nuclear weapons
Uranium is used as a fossil fuel
Uranium is used to treat cancer
Uranium is used to clean power plants
