What are conflict diamonds?

diamonds that are sold to fund wars

What are natural resources?

resources that come from nature

Why was Nigeria under a command economy?

The country was under military rule

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

a limit on the number of goods traded

Why are most economies referred to as "mixed"?

most countries have characteristics of command & market

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

GDP could decrease - unskilled workers = poor jobs

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 did a number of countries have an embargo against South Africa?

They wanted South Africa to end its system of apartheid

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

Who is an entrepreneur?

someone who takes a risk to begin a new business

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African Economics (SS7E1, SS7E2, SS7E3)

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Questions 22

Answers

1
What type of economy is based on customs and beliefs?
mixed market
traditional
command
free market
2
What are conflict diamonds?
those diamonds whose ownership cannot be determined
diamonds given as gifts to end war
diamonds that are sold to fund wars
those diamonds whose value cannot be determined
3
A country in which the government decides what is produced is which type of economic system?
traditional
public
market
command
4
What are natural resources?
people who preform labor
resources that come from nature
resources that come from space
resources that are given
5
Investing in factories, machinery, and technology is investing in:
natural resources
human capital
capital goods
command capital
6
Why was Nigeria under a command economy?
Few of their people are able to work in service industry
Most people did not know how to produce on their own
There is not much of a world market for gold and diamonds
The country was under military rule
7
In which has Nigeria specialized?
Tourism
agriculture
Oil production
Gold and diamonds
8
Which trade barrier is used when a country raises the price of imported goods?
strike
embargo
Quota
tariff
9
Which of the following is a part of a country's human capital?
the amount of goods sold in foreign trade
taxes collected from county workers
money paid to workers for producing goods
skills and knowledge that workers possess
10
What is "specialization"?
limiting the amount of agriculture a country allows
taxing imported goods
focusing on one or two products to raise quality/lower price
anything that prevents a country from exchanging goods
11
What is a quota?
a tax paid when goods are sold
a halt to trade with a particular country
a limit on the number of goods traded
a tax placed on goods exported or imported into a country
12
An economic system which is located somewhere on the continuum between market and command is a:
command economy
market economy
mixed economy
traditional economy
13
Why are most economies referred to as "mixed"?
government planning groups make most of the decisions
economic decisions are made by individuals
they have a system known as bartering
most countries have characteristics of command & market
14
What happens to a country's GDP when it doesn't invest in human capital?
GDP could decrease - unskilled workers = poor jobs
it has little effect
GDP is only affected when there are out of pocket expenses
most workers do not care about the GDP
15
How could a tariff on imported grain help the people in the country charging the tariff?
The grain would be more plentiful due to it being closer.
The grain would always be of a higher quality.
The grain process would be lower if tariffs were in place.
The people can sell their grans cheaper than imported grain
16
Which is a synonym for entrepreneur?
customer
banker
consumer
business owner
17
Why did a number of countries have an embargo against South Africa?
They wanted South Africa to end its system of apartheid
They wanted South Africa to lower the world price of gold
Some were hoping for better oil deals from South Africa
South Africa refused to take part in international trade
18
How does voluntary trade help the economy?
This sort of trade involves many government regulations
It only works when tariffs are in place
It encourages specialization and usually means more profit
It means prices will always be low
19
What type of economies does South Africa and Nigeria have?
Market
Command
Traditional
Mixed
20
Which country has the largest per capita GDP?
Sudan
Nigeria
South Africa
Kenya
21
Why is a system of currency exchange necessary for international trade?
The people buying goods want to be paid in gold and silver
All currencies are worthless on the world market
Most goods must be paid in US dollars
To pay for goods purchased from different countries
22
Who is an entrepreneur?
someone who takes a risk to begin a new business
someone who is always successful
a person afraid to enter the free market
a person that does not take risks

African Economics (SS7E1, SS7E2, SS7E3) Flashcards | StudBud