Economy Review

What is Nigeria's main export?

• Oil
• Cotton
• Fish
• Textiles

Decisions are based on rituals and customs in this economic system.

• Mixed
• Market
• Traditional 
• Command

South Africa's economy can be BEST described as a

• Command economy
• traditional economy
• pure market economy
• mixed market economy

If OPEC cut oil production what would be the MOST LIKELY effect?

• Prices would not change
• Oil prices would rise
• oil prices would decline
• the price for substitute products would decline

What kind of economic system does North Korea have?

• Modern
• Market
• Command
• Traditional

Which of these would be the LEAST LIKELY to increase human capital?

• offering free training seminars for employees
• improving access to health care in rural areas
• increasing the cost of tuition at public colleges
• involving parents in their childrens education

A quota is a  ____________ on imports from foreign countries.

• limit
• tax
• stop
• increase

What does OPEC stand for?

• Organization of Petroleum Exporting Countries
• Organization of petroleum exposing cities 
• Oil producing exporting countries

What is an example of human capital?

• Education
• Roads
• Factories
• Machinery

A product of the earth that people use to meet their needs is a ___________.

• good
• natural resource
• free enterprise
• service