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Duplicate of Economics of Africa
Duplicate of Economics of Africa
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1
What is an import?
Legal separation of races.
A refusal to take part in international trade.
Goods brought into one country from another.
When a country announces it will not trade with another.
2
Which African country has 40 percent of the world's gold supply?
South Africa
Sierra Leone
Angola
Nigeria
3
What is gross domestic product (GDP)?
Value of the products a country buys from foreign nations.
Value of goods and services produced by small businesses.
Amount collected in taxes from people of a country in a year
Total value of goods and services produced in a year.
4
Which is a result of Nigeria's focus on the oil industry?
oil production has caused no problems
the country's lack of a good army
the country's need for new currency
lack of improvements in agriculture
5
In a command economy, how are economic decisions made?
combination of consumers and planners
consumers and the market
government planners
custom and habit
6
What is an embargo?
Halt to trade with a country for economic/political reasons.
A limit on the amount of certain goods allowed in a country.
A tax paid by the producer before he can sell his goods.
A tax on goods coming into the country from another.
7
Why do most economies today operate somewhere in between a market and a command economy?
Government can always make a market economy profitable.
Government control of the economy has never been successful.
Countries feel a mixture of both types is best.
Consumers prefer government control to a free market system.
8
Which is the best way to describe an entrepreneur?
Someone who is willing to take a risk to begin a business.
A business person who tries not to take risks with money.
A business person afraid to enter the free market.
Someone who is always successful in whatever he attempts.
9
Who takes on the financial risk in starting a new business in a market economy?
government planners
individual business people
combination of planners and investors
consumers
10
What are capital goods?
Money spent to train workers to use new technology.
The factories and machines used to make goods.
The workers who make the goods and services.
Money available for scholarships to graduate schools.
11
The economies of South Africa and Nigeria can be described as?
traditional
command
market
mixed
12
Why is a system of currency exchange necessary for international trade?
Most world currencies are worthless in the world market.
Must be a way to buy goods from countries with dif. money.
Most goods bought on the market must be paid in US dollars.
Buying goods on the world market need to be paid in gold.
13
Why is specialization so valuable in international trade today?
Specialization keeps prices low on imported goods.
Allows people to do more efficient job to make things best.
Most countries can only make one product well.
Specialization limits amount of agriculture a country allows
14
In which has South Africa invested heavily in capital goods?
new government buildings
space technology
agriculture
mining and heavy industry
15
How could a high tariff on imported grain help the people in the country charging the tariff?
The grain prices would be higher if tariffs were in place.
Locals would be able to sell their grain since it's cheaper.
Local grain would always be higher quality than other grain
Local grain would be more expensive.
16
Why has the country of South Africa made a big investment in human capital?
Most schools are free due to $$$ from foreign investments.
The UN forced them to provide training and education.
South Africa has no natural resources to develop.
The country's important industries needed skilled workers.
17
Which would be a problem in a command economy?
Local crafts would be produced before manufactured goods.
People would get rich.
People trying to start a new business would need permission.
Individuals would risk their own money to produce goods.
18
In a market economy, how are economic decisions made?
consumers and the market
government planners
custom and habit
individuals starting new businesses
19
What is Nigeria's main export?
gold and diamonds
agricultural products
oil
textiles
20
What is a quota?
Decision to prevent certain goods from being imported at all
A limit on the amount of foreign goods allowed in a country.
A tax placed on goods when they are purchsed in the market.
A tax placed on imported goods when they enter the country.
21
.Why did a number of the countries from the United Nations have an embargo on South Africa?
They wanted South Africa to end their system of apartheid.
Some were hoping for better oil deals from South Africa.
South Africa refused to take part in international trade.
They want South Africa to lower the price of gold.
22
What is a tariff?
A tax paid by the purchaser when goods are sold.
A tax placed on goods coming into one country from another.
Tax placed on goods made by local craftsmen/ manufacturers.
Fee paid when goods shipped from one state to another in USA
23
How are profits from diamonds being used today in many African countries?
Profits fund military supplies for civil wars.
Money is used to pay for evironmental clean-up programs.
Money is used to make improvements in infrastructure .
Surplus grain is bought and imported for hungry people .
24
In which has Nigeria invested heavily in capital goods?
communications and technology
mining and heavy industry
agriculture
oil production and refining
25
Which is part of a country's human capital?
money paid to workers for producing goods
the amount of goods sold in foreign trade in a year
taxes collected from a country's workers
skills and knowledge workers have
26
Why are most modern economies referred to as mixed economies?
Poverty is always higher in countries with market economies.
Products made by traditional economies have no markets.
Government planners don't handle economic problems well.
Countries have aspects of all 3 types of economies at work.
27
Why was Nigeria formerly under a command economic system?
Most people did not know how to produce anything of value.
The government wanted to control the gold and diamond export
The country was under military rule.
They were forced by United Nations to use a command system
28
In which has South Africa specialized?
oil production
textile manufacturing
grain production
gold and mining
29
Which would be a problem for a community with a traditional economy?
Younger workers learn to make the products by older workers.
The price of advanced electronics, like computers, rise.
People need products that cannot be made or traded locally.
People in the village make their products more efficiently.
30
In a traditional economy, how are economic decisions made?
custom and habit
consumers and planners
government leaders
combination of consumers and producers
