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Economics Test Review
Economics Test Review
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1
Who makes the decisions in a pure command economy?
The People
The Military
The United Nations
The Government
2
Why does the United States worry about other countries selling Uranium?
Uranium is used as a fossil fuel
Uranium is used to treat cancer
Uranium is used to clean power plants
Uranium is used to produce nuclear weapons
3
Following World War 2, many African nations began fighting for what?
Civil War
Peace
Food
Independence
4
Investing in the skills, knowledge and talent of your people is an investment in what?
Capital Goods
Human Capital
Entrepreneurship
Technology
5
Nigeria specializes in which natural resource?
Peanut Butter
Timber
Rubber
Oil
6
South Africa specializes in exporting which natural resources?
Gold and Diamonds
Coal and Berries
Coffee Beans and Oil
Oil and Timber
7
Why are most countries considered to have a Mixed Economy?
Individuals cannot decide for themselves
They only want the government to be in charge
Countries need many choices for its people
Most have aspects of more than one type of economic system
8
The governments of Nigeria and Kenya still control the Oil and which other industry?
Steel
Agriculture
Coffe Plants
Fishing
9
Which is NOT a factor of production?
Human Capital
Entrepreneurship
Capital Goods
Trade Barriers
10
Mixed economies combine elements of which two main systems?
Command and Market
Market and Traditional
Command and Traditional
11
Industry, factories and buildings are which factor of production?
Capital Goods
Technology
Human Capital
Natural Resources
12
Why is it important to invest in human capital?
So that citizens travel to other countries
To make sure the people never leave
To educate people so they develop skills
To decrease the wealth of the nation
13
Between South Africa, Nigeria and Kenya, which country has the highest percentage of government control?
South Africa
Nigeria
Kenya
14
South Africa, Nigeria and Kenya all share which economic system?
Mixed
Command
Market
Traditional
15
Which is a NOT a negative effect of apartheid?
Unemployment
Crime
Poverty
Mining Industry
16
The total value of goods produced in a country in one year is known as
Gross Domestic Product
Gross National Product
International Trade Barriers
Foreign Exchange Rates
17
A person that takes a risk in starting their own business is known as a
Entrepreneur
A Salesman
Lobbyist
Business Partner
18
Which country is still dealing with the negative effects of apartheid?
Kenya
South Africa
Nigeria
Egypt
19
To purchase an item from another country, there must be a system of what?
World Bank
International Spending
Foreign Trade
Currency Exchange
20
Who makes the decisions in a traditional economy?
Combination of Consumers and Producers
The Consumers
Based on Customs and Traditions
The Government
