African Economics (SS7E1, SS7E2, SS7E3

Why is a system of currency exchange necessary for international trade?

• The people buying goods want to be paid in gold and silver
• To pay for goods purchased from different countries
• All currencies are worthless on the world market
• Most goods must be paid in US dollars 

Gross Domestic Product
is a measure of the total value of all.....

• Consumer income in an economy over a period of time
• Capital accumulation in an economy over a period of time.
• Sales in an economy over a period of time.
• The goods and services produced in an economy over a period of time

What is a tariff?

• A government order to stop trade
• A limit placed on imports
• A tax placed on imports

A tariff....

• Encourages people to buy goods made from their country.
• Increases trade between other countries.
• Stops trade completely.
• Only placed to encourage democracy.

What is an embargo?

• A government order to stop trade.
• A limit placed on imports.
• A tax placed on imports.

In a command economy, who holds power over the economy?

• The people
• The government 
• Beyonce
• The traditions of your ancesetors 

Nigeria specializes in _____.

• Oil
• Diamonds
• Gold
• Technology

South Africa specializes in ____.

• Oil
• Diamonds
• Uranim
• Technology

Which of the following is an economic system in which the government and individuals are used to decide how to use scarce resources?

• Market economy
• Command economy
• Traditional economy
• Mixed economy

Which of the following is an economic system in which economic decisions are made according to social roles & culture?

• Market economy
• Command economy
• Traditional economy
• Mixed economy