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