What are capital goods?

the factories and machines used to make goods

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

they wanted S Africa to end apartheid

What is a concern about the economy of South Africa?

they have a high unemployment rate

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

all countries do not have the same type of currency

Why are most modern economies referred to as mixed economies?

most countries have aspects of all 3 economic types

How does voluntary trade help the economy?

it encourages specialization and usually means mor prorfit

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 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

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

skills and knowledge workers have

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GMAS Review - 7th Grade Economy

24 termsStudBud Administration721 plays

Flashcards24 cardsFPractice quizPHost liveL

Questions 24

Answers

1
What are capital goods?
the factories and machines used to make goods
workers who make goods and services
money available for scholarships to graduate schools
money spent to train workers to use technology
2
In a command economy, how are economic decisions made?
consumers and the market
combination of consumbers and planners
government planners
custom and habit
3
What is South Africa's main export?
gold and diamonds
textiles
oil
agricultural products
4
Why did a number of countries of the United Nations have an embargo on South Africa?
they wanted S Africa to lower the price of gold & diamonds
They were hoping for better oil deals
they refused to take part in international trade
they wanted S Africa to end apartheid
5
What has Nigeria invested heavily in capital goods?
oil production and refining
space technology
mining and heavy industry
agriculture
6
What is a concern about the economy of South Africa?
few of their people are able to work in the services sector
the GDP is lower that that of Nigeria
there is not much of a world market for gold & diamonds
they have a high unemployment rate
7
Why is a system of currency exchange necesssary for international trade?
goods bought internationally must be paid for in US dollars
all countries do not have the same type of currency
all world currencies are worthless on the world market
those buying goods want to be paid in gold and silver
8
What is a tax placed on goods coming into one country from another?
embargo
trade
quota
tariff
9
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
government planners do notkow how to handle economic problem
most countries have aspects of all 3 economic types
10
what has South Africa invested heavily in capital goods?
agriculture
new government bulidings
space technology
mining and heavy industry
11
How does voluntary trade help the economy?
the sort of trade involves many gov't regulations
it means prices will always be low
it only works when tariffs are in plance
it encourages specialization and usually means mor prorfit
12
Who takes on the financial risk in starting a new business in a market economy?
consumers
government planners
conbination of planners and investors
individual business people
13
How are decisions made in a market economy?
custom and yhabit
individuals starting new business
government planners
consumers and the market
14
Why do most economies today operate somewhere between maket and command economies?
gov't control of some aspects has never been successful
most consumers prefer government control to a free market
government control makes a market economy profitable
most economies need a mix of free market and gov't cpmtrp;
15
Why is specialization so valuable in international trade today?
it keeps the prices lon on goods that are imported
it limits the amount of africulture a country allows
allows a country to produce make best & trade for the rest
most countries make only one product very well
16
What is gross domestic product (GDP)?
total value of goods and services produced in a year
the value of all the products a coutry buys in a year
the amount of taxes collected in a year
value of all the goods & services produced by small shops
17
To halt trad with a particular country for economic or political reasons is known as
embargo
quota
trade
tariff
18
What is a limit on the amount of certain goods allowed into a cuntry?
embargo
trade
tariff
quota
19
What does Nigeria specialize in?
iron and steel
corn and wheat
gold and salt
oil porduction
20
What are "conflict diamonds"?
diamonds given as gifts to end war
diamonds whose ownership cannot be determined
diamonds that are sold to fund wars and rebellion
diamonds whos value cannot be determined
21
Which is a part of a country's human capital?
skills and knowledge workers have
money paid to workers for producing goods
taxes collected from a country's workers
the amount of goods sold in foreigh trade in a year
22
Which type of economy is base on traditions and customs of ancestors?
mixed
command
traditional
market
23
Why was Nigeria formerly under a command economic system?
people did not know how to produce anything on their own
they were forced by the UN to use a command system
they were uner military rule
the gov't wanted to control the gold & diamond exports
24
Which African country has 40 % of the world's gold supply?
Sierra Leone
South Africa
Angola
Nigeria

GMAS Review - 7th Grade Economy Flashcards | StudBud

GMAS Review - 7th Grade Economy

24 termsStudBud Administration721 plays

GMAS Review - 7th Grade Economy

Flashcards24 cardsFPractice quizPHost liveL

Questions 24

Answers

1
What are capital goods?
the factories and machines used to make goods
workers who make goods and services
money available for scholarships to graduate schools
money spent to train workers to use technology
2
In a command economy, how are economic decisions made?
consumers and the market
combination of consumbers and planners
government planners
custom and habit
3
What is South Africa's main export?
gold and diamonds
textiles
oil
agricultural products
4
Why did a number of countries of the United Nations have an embargo on South Africa?
they wanted S Africa to lower the price of gold & diamonds
They were hoping for better oil deals
they refused to take part in international trade
they wanted S Africa to end apartheid
5
What has Nigeria invested heavily in capital goods?
oil production and refining
space technology
mining and heavy industry
agriculture
6
What is a concern about the economy of South Africa?
few of their people are able to work in the services sector
the GDP is lower that that of Nigeria
there is not much of a world market for gold & diamonds
they have a high unemployment rate
7
Why is a system of currency exchange necesssary for international trade?
goods bought internationally must be paid for in US dollars
all countries do not have the same type of currency
all world currencies are worthless on the world market
those buying goods want to be paid in gold and silver
8
What is a tax placed on goods coming into one country from another?
embargo
trade
quota
tariff
9
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
government planners do notkow how to handle economic problem
most countries have aspects of all 3 economic types
10
what has South Africa invested heavily in capital goods?
agriculture
new government bulidings
space technology
mining and heavy industry
11
How does voluntary trade help the economy?
the sort of trade involves many gov't regulations
it means prices will always be low
it only works when tariffs are in plance
it encourages specialization and usually means mor prorfit
12
Who takes on the financial risk in starting a new business in a market economy?
consumers
government planners
conbination of planners and investors
individual business people
13
How are decisions made in a market economy?
custom and yhabit
individuals starting new business
government planners
consumers and the market
14
Why do most economies today operate somewhere between maket and command economies?
gov't control of some aspects has never been successful
most consumers prefer government control to a free market
government control makes a market economy profitable
most economies need a mix of free market and gov't cpmtrp;
15
Why is specialization so valuable in international trade today?
it keeps the prices lon on goods that are imported
it limits the amount of africulture a country allows
allows a country to produce make best & trade for the rest
most countries make only one product very well
16
What is gross domestic product (GDP)?
total value of goods and services produced in a year
the value of all the products a coutry buys in a year
the amount of taxes collected in a year
value of all the goods & services produced by small shops
17
To halt trad with a particular country for economic or political reasons is known as
embargo
quota
trade
tariff
18
What is a limit on the amount of certain goods allowed into a cuntry?
embargo
trade
tariff
quota
19
What does Nigeria specialize in?
iron and steel
corn and wheat
gold and salt
oil porduction
20
What are "conflict diamonds"?
diamonds given as gifts to end war
diamonds whose ownership cannot be determined
diamonds that are sold to fund wars and rebellion
diamonds whos value cannot be determined
21
Which is a part of a country's human capital?
skills and knowledge workers have
money paid to workers for producing goods
taxes collected from a country's workers
the amount of goods sold in foreigh trade in a year
22
Which type of economy is base on traditions and customs of ancestors?
mixed
command
traditional
market
23
Why was Nigeria formerly under a command economic system?
people did not know how to produce anything on their own
they were forced by the UN to use a command system
they were uner military rule
the gov't wanted to control the gold & diamond exports
24
Which African country has 40 % of the world's gold supply?
Sierra Leone
South Africa
Angola
Nigeria