Review African Economic Understanding

Question 1

A government policy that limits the importation of a certain good is a(n) ____________________.

Accepted Answer

quota

Question 2

When a country or company invests in education or training people, this is an investment in___

Accepted Answer

human capital

Question 3

Countries with Free Market Economic Systems tend to be...

Accepted Answer

Democratic

Question 4

What African country has the highest per capita GDP?

Accepted Answer

South Africa

Question 5

A tax imposed on a good made outside the country is called:

Accepted Answer

tariff

Question 6

What type of economic system allows the private ownership of all means of production?

Accepted Answer

capitalist

Question 7

What type of economic system allows the government to own and operate all means of production?

Accepted Answer

command

Question 8

What is NOT a natural resource found in Africa?

Accepted Answer

maple syrup

Question 9

When a government prohibits trade with another country

Accepted Answer

embargo

Question 10

The legal separation of races in South Africa was called...

Accepted Answer

Apartheid

Question 11

What is Nigeria's major resource and export?

Accepted Answer

oil

Question 12

What is a reason that children do not attend school in many parts of Africa?

Accepted Answer

all of the choices mentioned

Question 13

What economic system bases their decisions on age-old customs?

Accepted Answer

traditonal

Question 14

A government policy that restricts international trade is called _______________________.

Accepted Answer

embargo

Question 15

When a country, or company, is very good at creating a particular product:

Accepted Answer

specialization

Question 16

The risk taker in a market economy is called a(n) ____________________.

Accepted Answer

entrepreneur

Question 17

Why has Nigeria struggled to develop a strong economy?

Accepted Answer

all of the above

Question 18

What kind of economic system allows the government to own and operate all means of production?

Accepted Answer

command

Question 19

Buying new machinery, building new factories, etc. are examples of investment in __________.

Accepted Answer

capital goods

Question 20

How has the Scramble for Africa impacted the current day economies of African countries?

Accepted Answer

The Scramble left many countries in a state of chaos

Question 21

What allows us to buy products made in foreign countries? Or to use different types of currency

Accepted Answer

currency exchange

Question 22

Using limited resources to satisfy unlimited needs and wants

Accepted Answer

economics

Question 23

What measures the reading/writing level of a country?

Accepted Answer

literacy rate

Question 24

Most economies in the world today are a combination of command and market. What is that?

Accepted Answer

mixed

Question 25

Traditional Economies are mostly found in countries that are...

Accepted Answer

Poor

Review African Economic Understanding

Questions 25

Review African Economic Understanding

Questions 25