Why are most economies referred to as "mixed"?

most countries have characteristics of command & market

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

skills and knowledge that workers possess

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

GDP could decrease - unskilled workers = poor jobs

What are conflict diamonds?

diamonds that are sold to fund wars

What destroyed the grasslands and forests that were once found in the Sahel?

continuous farming and over-grazing

Why was Nigeria under a command economy?

The country was under military rule

What is "specialization"?

focusing on one or two products to raise quality/lower price

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

They wanted South Africa to end its system of apartheid

a limit on the number of goods traded

Who is an entrepreneur?

someone who takes a risk to begin a new business

What is one of the major problems facing those who depend on the Nile River for their water?

The water is contaminated with human and industrial waste

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

To pay for goods purchased from different countries

Which is an effect of desertification for people living in the Sahel region?

Increased starvation and poverty

How does voluntary trade help the economy?

It encourages specialization and usually means more profit

What do some people believe might lead to "water wars" in Africa in the future?

competition among countries that share a river system

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Unit 7 Review - African Environmental Issues and Economics

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Questions 20

Answers

1
Why are most economies referred to as "mixed"?
economic decisions are made by individuals
most countries have characteristics of command & market
they have a system known as bartering
government planning groups make most of the decisions
2
Which of the following is a part of a country's human capital?
skills and knowledge that workers possess
taxes collected from county workers
money paid to workers for producing goods
the amount of goods sold in foreign trade
3
What happens to a country's GDP when it doesn't invest in human capital?
most workers do not care about the GDP
it has little effect
GDP is only affected when there are out of pocket expenses
GDP could decrease - unskilled workers = poor jobs
4
What are conflict diamonds?
those diamonds whose value cannot be determined
diamonds given as gifts to end war
those diamonds whose ownership cannot be determined
diamonds that are sold to fund wars
5
An economic system which is located somewhere on the continuum between market and command is a:
command economy
market economy
traditional economy
mixed economy
6
What destroyed the grasslands and forests that were once found in the Sahel?
Forest fires in the desert
severe rains and flooding
continuous farming and over-grazing
damning rivers and preventing irrigation
7
A country in which the government decides what is produced is which types of economic system?
traditional
command
public
market
8
Investing in factories, machinery, and technology is investing in:
human capital
natural resources
capital goods
command capital
9
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
10
What is "specialization"?
limiting the amount of agriculture a country allows
anything that prevents a country from exchanging goods
focusing on one or two products to raise quality/lower price
taxing imported goods
11
Why did a number of countries have an embargo against South Africa?
Some were hoping for better oil deals from South Africa
They wanted South Africa to end its system of apartheid
They wanted South Africa to lower the world price of gold
South Africa refused to take part in international trade
12
What is a quota?
a tax placed on goods exported or imported into a country
a tax paid when goods are sold
a halt to trade with a particular country
a limit on the number of goods traded
13
Who is an entrepreneur?
a person afraid to enter the free market
someone who is always successful
a person that does not take risks
someone who takes a risk to begin a new business
14
What is one of the major problems facing those who depend on the Nile River for their water?
The water is contaminated with human and industrial waste
The river dries up in the summer
There are no fish in the Nile River
The Nile is too shallow for transportation
15
Why is a system of currency exchange necessary for international trade?
Most goods must be paid in US dollars
The people buying goods want to be paid in gold and silver
To pay for goods purchased from different countries
All currencies are worthless on the world market
16
What type of economy is based on customs and beliefs?
command
free market
mixed market
traditional
17
Which is an effect of desertification for people living in the Sahel region?
Increased jobs and manufacturing
Increased starvation and poverty
Decrease starvation and poverty
Increased Tourism
18
Which trade barrier is used when a country raises the price of imported goods?
tariff
embargo
treaty
strike
19
How does voluntary trade help the economy?
It only works when tariffs are in place
It means prices will always be low
This sort of trade involves many government regulations
It encourages specialization and usually means more profit
20
What do some people believe might lead to "water wars" in Africa in the future?
Increased climate stabilization
United Nations mandating how to share water
competition among countries that share a river system
the end of farming in Africa

Unit 7 Review - African Environmental Issues and Economics Flashcards | StudBud