How could a tariff on imported grain help the people in the country charging the tariff?

The people can sell their grans cheaper than imported grain

Who is an entrepreneur?

someone who takes a risk to begin a new business

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

What is "specialization"?

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

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

skills and knowledge that workers possess

What are conflict diamonds?

diamonds that are sold to fund wars

How does voluntary trade help the economy?

It encourages specialization and usually means more profit

Why are most economies referred to as "mixed"?

most countries have characteristics of command & market

Why was Nigeria under a command economy?

The country was under military rule

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

To pay for goods purchased from different countries

What are natural resources?

resources that come from nature

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

GDP could decrease - unskilled workers = poor jobs

studbud

African Economics (SS7E1, SS7E2, SS7E3)

22 termsStudBud Administration12 plays

#ss7e1 #ss7e2 #ss7e3

Flashcards22 cardsFPractice quizPHost liveL

Questions 22

Answers

1
How could a tariff on imported grain help the people in the country charging the tariff?
The grain would always be of a higher quality.
The grain would be more plentiful due to it being closer.
The grain process would be lower if tariffs were in place.
The people can sell their grans cheaper than imported grain
2
Which is a synonym for entrepreneur?
consumer
banker
business owner
customer
3
Who is an entrepreneur?
someone who is always successful
a person afraid to enter the free market
someone who takes a risk to begin a new business
a person that does not take risks
4
Why did a number of countries have an embargo against South Africa?
They wanted South Africa to end its system of apartheid
Some were hoping for better oil deals from South Africa
South Africa refused to take part in international trade
They wanted South Africa to lower the world price of gold
5
What is a quota?
a tax paid when goods are sold
a limit on the number of goods traded
a halt to trade with a particular country
a tax placed on goods exported or imported into a country
6
Which trade barrier is used when a country raises the price of imported goods?
tariff
embargo
Quota
strike
7
What is "specialization"?
limiting the amount of agriculture a country allows
anything that prevents a country from exchanging goods
taxing imported goods
focusing on one or two products to raise quality/lower price
8
Which of the following is a part of a country's human capital?
the amount of goods sold in foreign trade
skills and knowledge that workers possess
money paid to workers for producing goods
taxes collected from county workers
9
What are conflict diamonds?
those diamonds whose value cannot be determined
diamonds given as gifts to end war
diamonds that are sold to fund wars
those diamonds whose ownership cannot be determined
10
How does voluntary trade help the economy?
It only works when tariffs are in place
It means prices will always be low
It encourages specialization and usually means more profit
This sort of trade involves many government regulations
11
Why are most economies referred to as "mixed"?
government planning groups make most of the decisions
economic decisions are made by individuals
they have a system known as bartering
most countries have characteristics of command & market
12
What type of economies does South Africa and Nigeria have?
Mixed
Command
Market
Traditional
13
What type of economy is based on customs and beliefs?
mixed market
free market
traditional
command
14
Why was Nigeria under a command economy?
There is not much of a world market for gold and diamonds
Few of their people are able to work in service industry
Most people did not know how to produce on their own
The country was under military rule
15
Why is a system of currency exchange necessary for international trade?
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
Most goods must be paid in US dollars
16
A country in which the government decides what is produced is which type of economic system?
public
traditional
market
command
17
In which has Nigeria specialized?
Gold and diamonds
Oil production
Tourism
agriculture
18
What are natural resources?
resources that are given
resources that come from space
resources that come from nature
people who preform labor
19
Which country has the largest per capita GDP?
Kenya
South Africa
Nigeria
Sudan
20
An economic system which is located somewhere on the continuum between market and command is a:
mixed economy
market economy
command economy
traditional economy
21
Investing in factories, machinery, and technology is investing in:
human capital
capital goods
command capital
natural resources
22
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 could decrease - unskilled workers = poor jobs
GDP is only affected when there are out of pocket expenses

African Economics (SS7E1, SS7E2, SS7E3) Flashcards | StudBud