Economies of Africa Review

If a country does not invest in its human capital, how can it affect the country's GDP?

Who takes on the financial risk in starting a new business in a market economy?

Nigeria's economy is heavily dependent upon ___________.

Kenya's economy is heavily dependent upon ___________.

Which of the following would be a problem in a command economy?

If countries have a high literacy rate __________.

How do literacy rates for men and women compare in Africa?

Which of the following is NOT important to 
market economies?

South Africa has a _________ economy.

Kenya has a _________ economy.

South Africa's natural resources are ______________.

What are capital goods?

What is an entrepreneur?

What is human capital?

Specialization encourages trade between countries. What does specialization mean?

If countries invest in capital goods,

The more natural resources a country has, the more goods and services it can produce.

In a traditional economy, how are economic decisions made?

What is an example of a physical trade barrier?

In a market economy, who makes the economic decisions?

Why do most economies in the world operate in between a market economy and a command economy?

What is an embargo?

What is a quota?

Many countries in Africa have very _________ literacy rates due to instability.

What is a tariff?

Why are most modern economies referred to as mixed economies?

South Africa's economy is heavily dependent upon ___________.

On the economic continuum, many countries are on what side?

Which of the following best describes diversification (the opposite of specialization)?

What does gross domestic product (GDP) mean?

Investing in the production of capital goods increases the gross domestic product.

Nigeria has a _________ economy.

In a command economy, how are economic decisions made?