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Duplicate of Economics of Africa Flashcards | StudBud
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Duplicate of Economics of Africa
Duplicate of Economics of Africa
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1
What is gross domestic product (GDP)?
Value of the products a country buys from foreign nations.
Value of goods and services produced by small businesses.
Total value of goods and services produced in a year.
Amount collected in taxes from people of a country in a year
2
In which has South Africa specialized?
oil production
textile manufacturing
gold and mining
grain production
3
In a command economy, how are economic decisions made?
combination of consumers and planners
government planners
consumers and the market
custom and habit
4
In a market economy, how are economic decisions made?
government planners
individuals starting new businesses
custom and habit
consumers and the market
5
In a traditional economy, how are economic decisions made?
consumers and planners
government leaders
combination of consumers and producers
custom and habit
6
Who takes on the financial risk in starting a new business in a market economy?
government planners
individual business people
consumers
combination of planners and investors
7
Which is the best way to describe an entrepreneur?
A business person who tries not to take risks with money.
Someone who is willing to take a risk to begin a business.
A business person afraid to enter the free market.
Someone who is always successful in whatever he attempts.
8
Why do most economies today operate somewhere in between a market and a command economy?
Government control of the economy has never been successful.
Countries feel a mixture of both types is best.
Consumers prefer government control to a free market system.
Government can always make a market economy profitable.
9
What is an import?
Legal separation of races.
A refusal to take part in international trade.
Goods brought into one country from another.
When a country announces it will not trade with another.
10
Which would be a problem for a community with a traditional economy?
People need products that cannot be made or traded locally.
Younger workers learn to make the products by older workers.
The price of advanced electronics, like computers, rise.
People in the village make their products more efficiently.
11
Which is part of a country's human capital?
taxes collected from a country's workers
skills and knowledge workers have
money paid to workers for producing goods
the amount of goods sold in foreign trade in a year
12
How could a high tariff on imported grain help the people in the country charging the tariff?
Locals would be able to sell their grain since it's cheaper.
Local grain would always be higher quality than other grain
The grain prices would be higher if tariffs were in place.
Local grain would be more expensive.
13
What are capital goods?
Money available for scholarships to graduate schools.
The factories and machines used to make goods.
Money spent to train workers to use new technology.
The workers who make the goods and services.
14
Why are most modern economies referred to as mixed economies?
Countries have aspects of all 3 types of economies at work.
Government planners don't handle economic problems well.
Poverty is always higher in countries with market economies.
Products made by traditional economies have no markets.
15
In which has South Africa invested heavily in capital goods?
new government buildings
mining and heavy industry
space technology
agriculture
16
In which has Nigeria invested heavily in capital goods?
communications and technology
agriculture
oil production and refining
mining and heavy industry
17
Which African country has 40 percent of the world's gold supply?
Nigeria
Angola
Sierra Leone
South Africa
18
The economies of South Africa and Nigeria can be described as?
market
mixed
command
traditional
19
How are profits from diamonds being used today in many African countries?
Surplus grain is bought and imported for hungry people .
Money is used to make improvements in infrastructure .
Money is used to pay for evironmental clean-up programs.
Profits fund military supplies for civil wars.
20
Why was Nigeria formerly under a command economic system?
They were forced by United Nations to use a command system
The country was under military rule.
Most people did not know how to produce anything of value.
The government wanted to control the gold and diamond export
21
.Why did a number of the countries from the United Nations have an embargo on South Africa?
They want South Africa to lower the price of gold.
Some were hoping for better oil deals from South Africa.
They wanted South Africa to end their system of apartheid.
South Africa refused to take part in international trade.
22
Why is specialization so valuable in international trade today?
Allows people to do more efficient job to make things best.
Specialization limits amount of agriculture a country allows
Specialization keeps prices low on imported goods.
Most countries can only make one product well.
23
What is a quota?
A tax placed on imported goods when they enter the country.
A limit on the amount of foreign goods allowed in a country.
A tax placed on goods when they are purchsed in the market.
Decision to prevent certain goods from being imported at all
24
What is an embargo?
Halt to trade with a country for economic/political reasons.
A tax on goods coming into the country from another.
A tax paid by the producer before he can sell his goods.
A limit on the amount of certain goods allowed in a country.
25
What is Nigeria's main export?
oil
textiles
agricultural products
gold and diamonds
26
What is a tariff?
Fee paid when goods shipped from one state to another in USA
A tax placed on goods coming into one country from another.
Tax placed on goods made by local craftsmen/ manufacturers.
A tax paid by the purchaser when goods are sold.
27
Why has the country of South Africa made a big investment in human capital?
Most schools are free due to $$$ from foreign investments.
The country's important industries needed skilled workers.
South Africa has no natural resources to develop.
The UN forced them to provide training and education.
28
Why is a system of currency exchange necessary for international trade?
Must be a way to buy goods from countries with dif. money.
Most world currencies are worthless in the world market.
Most goods bought on the market must be paid in US dollars.
Buying goods on the world market need to be paid in gold.
29
Which would be a problem in a command economy?
People would get rich.
Individuals would risk their own money to produce goods.
Local crafts would be produced before manufactured goods.
People trying to start a new business would need permission.
30
Which is a result of Nigeria's focus on the oil industry?
the country's need for new currency
the country's lack of a good army
oil production has caused no problems
lack of improvements in agriculture
