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