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

skills and knowledge workers have

What is a concern about the economy of South Africa?

they have a high unemployment rate

How does voluntary trade help the economy?

it encourages specialization and usually means mor prorfit

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

they wanted S Africa to end apartheid

Why is specialization so valuable in international trade today?

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

What is gross domestic product (GDP)?

total value of goods and services produced in a year

What are "conflict diamonds"?

diamonds that are sold to fund wars and rebellion

What are capital goods?

the factories and machines used to make goods

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

all countries do not have the same type of currency

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 are most modern economies referred to as mixed economies?

most countries have aspects of all 3 economic types

studbud

GMAS Review - 7th Grade Economy

24 termsStudBud Administration361 plays

Flashcards24 cardsFPractice quizPHost liveL

Questions 24

Answers

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

GMAS Review - 7th Grade Economy Flashcards | StudBud

GMAS Review - 7th Grade Economy

24 termsStudBud Administration361 plays

GMAS Review - 7th Grade Economy

Flashcards24 cardsFPractice quizPHost liveL

Questions 24

Answers

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