How does voluntary trade help the economy?

it encourages specialization and usually means mor prorfit

What are "conflict diamonds"?

diamonds that are sold to fund wars and rebellion

What is a concern about the economy of South Africa?

they have a high unemployment rate

Why is specialization so valuable in international trade today?

allows a country to produce make best & trade for the rest

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

skills and knowledge workers have

What are capital goods?

the factories and machines used to make goods

What is gross domestic product (GDP)?

total value of goods and services produced in a year

Why did a number of countries of the United Nations have an embargo on South Africa?

they wanted South Africa to end apartheid

Why are most modern economies referred to as mixed economies?

most countries have aspects of all 3 economic types

Why do most economies today operate somewhere between maket and command economies?

most economies need a mix of free market and gov't cpmtrp;

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

all countries do not have the same type of currency

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GMAS Review - Economy

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GMAS Review - 7th Grade Economy #gmas #7thgradesocialstudies #economy

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Questions 24

Answers

1
How does voluntary trade help the economy?
it encourages specialization and usually means mor prorfit
it only works when tariffs are in plance
the sort of trade involves many gov't regulations
it means prices will always be low
2
What are "conflict diamonds"?
diamonds whos value cannot be determined
diamonds that are sold to fund wars and rebellion
diamonds whose ownership cannot be determined
diamonds given as gifts to end war
3
In a command economy, how are economic decisions made?
combination of consumbers and planners
government planners
consumers and the market
custom and habit
4
Which African country has 40 % of the world's gold supply?
Angola
Nigeria
Sierra Leone
South Africa
5
What is a concern about the economy of South Africa?
there is not much of a world market for gold & diamonds
they have a high unemployment rate
few of their people are able to work in the services sector
the GDP is lower that that of Nigeria
6
What does Nigeria specialize in?
oil porduction
corn and wheat
iron and steel
gold and salt
7
Who takes on the financial risk in starting a new business in a market economy?
individual business people
government planners
consumers
conbination of planners and investors
8
Why was Nigeria formerly under a command economic system?
the gov't wanted to control the gold & diamond exports
they were forced by the UN to use a command system
they were uner military rule
people did not know how to produce anything on their own
9
What is a tax placed on goods coming into one country from another?
trade
tariff
quota
embargo
10
Why is specialization so valuable in international trade today?
it keeps the prices lon on goods that are imported
most countries make only one product very well
it limits the amount of africulture a country allows
allows a country to produce make best & trade for the rest
11
Which type of economy is base on traditions and customs of ancestors?
command
market
mixed
traditional
12
What is a limit on the amount of certain goods allowed into a cuntry?
embargo
quota
trade
tariff
13
what has South Africa invested heavily in capital goods?
agriculture
new government bulidings
mining and heavy industry
space technology
14
Which is a part of a country's human capital?
taxes collected from a country's workers
money paid to workers for producing goods
the amount of goods sold in foreigh trade in a year
skills and knowledge workers have
15
What are capital goods?
workers who make goods and services
the factories and machines used to make goods
money available for scholarships to graduate schools
money spent to train workers to use technology
16
To halt trade with a particular country for economic or political reasons is known as
tariff
quota
trade
embargo
17
What is gross domestic product (GDP)?
value of all the goods & services produced by small shops
the amount of taxes collected in a year
total value of goods and services produced in a year
the value of all the products a coutry buys in a year
18
What has Nigeria invested heavily in capital goods?
space technology
mining and heavy industry
agriculture
oil production and refining
19
Why did a number of countries of the United Nations have an embargo on South Africa?
they wanted S Africa to lower the price of gold & diamonds
they wanted South Africa to end apartheid
they refused to take part in international trade
They were hoping for better oil deals
20
Why are most modern economies referred to as mixed economies?
most countries have aspects of all 3 economic types
products made by traditional economies have no markets
government planners do notkow how to handle economic problem
poverty is always highest in countries with market economies
21
How are decisions made in a market economy?
government planners
individuals starting new business
consumers and the market
custom and yhabit
22
Why do most economies today operate somewhere between maket and command economies?
government control makes a market economy profitable
most consumers prefer government control to a free market
most economies need a mix of free market and gov't cpmtrp;
gov't control of some aspects has never been successful
23
Why is a system of currency exchange necesssary for international trade?
all countries do not have the same type of currency
all world currencies are worthless on the world market
goods bought internationally must be paid for in US dollars
those buying goods want to be paid in gold and silver
24
What is South Africa's main export?
gold and diamonds
textiles
agricultural products
oil

GMAS Review - Economy Flashcards | StudBud