What are natural resources?

resources that come from nature

What happens to a country's GDP when it doesn't invest in human capital?

GDP could decrease - unskilled workers = poor jobs

Which of the following is a part of a country's human capital?

skills and knowledge that workers possess

What is "specialization"?

focusing on one or two products to raise quality/lower price

Who is an entrepreneur?

someone who takes a risk to begin a new business

a limit on the number of goods traded

How could a tariff on imported grain help the people in the country charging the tariff?

The people can sell their grans cheaper than imported grain

Why are most economies referred to as "mixed"?

most countries have characteristics of command & market

How does voluntary trade help the economy?

It encourages specialization and usually means more profit

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

To pay for goods purchased from different countries

What are conflict minerals?

minerals that are sold to fund wars

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Africa Economics Review

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Questions 21

Answers

1
What are natural resources?
resources that come from space
resources that are given
resources that come from nature
people who preform labor
2
What happens to a country's GDP when it doesn't invest in human capital?
GDP is only affected when there are out of pocket expenses
it has little effect
most workers do not care about the GDP
GDP could decrease - unskilled workers = poor jobs
3
What type of economy is based on customs and beliefs?
mixed market
free market
command
traditional
4
Which of the following is a part of a country's human capital?
taxes collected from county workers
skills and knowledge that workers possess
the amount of goods sold in foreign trade
money paid to workers for producing goods
5
What type of economy does South Africa and Nigeria have?
Market
Mixed
Traditional
Command
6
Which trade barrier is being used when a country taxes imported goods?
embargo
Quota
tariff
strike
7
What is "specialization"?
focusing on one or two products to raise quality/lower price
limiting the amount of agriculture a country allows
taxing imported goods
anything that prevents a country from exchanging goods
8
Who is an entrepreneur?
a person afraid to enter the free market
a person that does not take risks
someone who is always successful
someone who takes a risk to begin a new business
9
What is a quota?
a halt to trade with a particular country
a tax placed on goods exported or imported into a country
a limit on the number of goods traded
a tax paid when goods are sold
10
Which country has the largest per capita GDP?
South Africa
Nigeria
Kenya
Sudan
11
An economic system which is located somewhere on the continuum between market and command is a:
traditional economy
market economy
mixed economy
command economy
12
Investing in factories, machinery, and technology is investing in:
physical capital
command capital
natural resources
human capital
13
In which industry has Nigeria specialized?
Gold and diamonds
Tourism
Oil production
agriculture
14
How could a tariff on imported grain help the people in the country charging the tariff?
The grain would always be of a higher quality.
The grain would be more plentiful due to it being closer.
The people can sell their grans cheaper than imported grain
The grain process would be lower if tariffs were in place.
15
Why are most economies referred to as "mixed"?
they have a system known as bartering
economic decisions are made by individuals
government planning groups make most of the decisions
most countries have characteristics of command & market
16
How does voluntary trade help the economy?
It only works when tariffs are in place
It means prices will always be low
This sort of trade involves many government regulations
It encourages specialization and usually means more profit
17
Why is a system of currency exchange necessary for international trade?
Most goods must be paid in US dollars
All currencies are worthless on the world market
To pay for goods purchased from different countries
The people buying goods want to be paid in gold and silver
18
What are conflict minerals?
minerals given as gifts to end war
minerals that are sold to fund wars
those minerals whose value cannot be determined
those minerals whose ownership cannot be determined
19
A country in which the government decides what is produced is which type of economic system?
market
public
traditional
command
20
Which is a synonym for entrepreneur?
consumer
banker
business owner
customer
21
Many countries stopped trade with South Africa to protest its system of apartheid. What is this called?
Subsidy
Tariff
Embargo
Quota

Africa Economics Review Flashcards | StudBud