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

What are sanctions?

Back

when a trade barrier is used as a punishment against another nation

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 statement accurately describes the economic system of Kenya, Nigeria, and South Africa? Options: Pure market, Pure command, Traditional, Mix of market and command

Back

Mix of market and command

Front

Which country has the highest amount of government decision making in the economy? (The government owns or regulates banking, mining, and electricity.)

Back

B

Front

Which country now has the largest economy in Africa because of its ability to export oil all over the world?

Back

C

Front

South Africa is represented by which letter on this economic continuum?

Back

Letter B