38a, b, c: Voluntary trade in Africa

Front

Why is it important for nations to have a system to convert from one currency to another?

Back

Converting currency makes it possible to buy and sell goods between countries with different types of money.

Front

Why does specialization make trade between countries easier?

Back

Countries can produce what they make best and trade with others for what they need.

Front

Scenario: The US refuses to trade with any countries that support terrorism. What trade barrier is this?

Back

Embargo

Front

Which African country specializes in tea, fresh cut flowers and buds, coffee, petroleum products, fish, and cement?

Back

Kenya

Front

What are sanctions?

Back

financial penalties applied by one or more countries against a targeted country, usually a punishment

Front

What is a subsidy?

Back

when the government of a country gives money to certain businesses so they can continue to compete with imports from other countries

Front

Which country specializes in petroleum (oil), petroleum products, cocoa, and rubber? Options: Kenya, Nigeria, South Africa, Egypt

Back

Nigeria

Front

How does voluntary trade help the economy?

Back

It encourages specialization and usually means more profit.

Front

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

Back

They wanted South Africa to end its system of apartheid.

Front

Which African country specializes in diamonds, platinum, gold, uranium, and machinery? Options: Nigeria, South Africa, Kenya, Sudan

Back

South Africa