How does voluntary trade help the economy?

It encourages specialization and usually means more profit

It means prices will always be low

It works when tariffs are in place

Why is specialization so valuable in international trade today?

specialization allows people to do a more efficient job at producing what they make best and trade for the things they want

Most countries can only make one product well

Specialization keeps the prices low on goods that are imported into a country

How has Nigeria's concentration on oil hurt that country's overall economy?

Agriculture has suffered greatly and Nigeria must import food

No one in Nigeria uses oil for fuel

The country has been unable to trade their oil for other products

What is the purpose of a tariff?

To make the import more expensive so people buy local products

To limit the amount of products so that people will buy local products.

To hurt a country's economy so that it changes politically.

What is the purpose of a quota?

To make the import more expensive so people buy local products

To limit the amount of products so that people will buy local products.

To hurt a country's economy so that it changes politically.

Why did a number of the countries of the U.N. have an embargo on South Africa?

They wanted South Africa to end its system of Apartheid

South Africa refused to take part in international trade.

They wanted South Africa to lower the price of their diamonds

Which is a part of a country's human capital?

skills and knowledge workers have

taxes collected from a country's workers

money paid to workers for producing goods

Why has South Africa made a big investment in human capital?

Some of that country's most important industries need educated, skilled workers

South Africa has no natural resources to develop

They were forced to provide training and education by the United Nations.

Why does South Africa have high unemployment rates?

Unemployed black workers are still feeling the effects of the apartheid system.

The government does not provide free public education

South Africa's industries use foreign workers who put local people out of work

If a country does not invest in its human capital, how can it affect the country's gross domestic product?

GDP may go down because poorly trained workers will not be able to do their jobs as well

Investment in human capital has little effect on a country's GDP

Most workers do not care about GDP

What becomes of much of the money earned from the sale of African gold and diamonds?

Tne money goes to pay for weapons used in wars and civil conflicts

The profits to back to the citizens of South Africa

The money is divided among the poorest African countries

What are "conflict" diamonds?

diamonds that are sold to fund wars and rebellions

diamonds given as gifts to end a war

those diamonds whose ownership cannot be determined

Which best describes an entrepreneur?

someone who is willing to take a risk to begin a new business

a business person who tries not to take risks with money

a business person afraid to enter the free market

What are some of the commercial uses of uranium?

nuclear power plants and nuclear weapons

an alternative energy source for automobiles

grease for industrial equipment

Economics of Africa Test

Authored by Nancy Probst

Other Sciences, Other

7th Grade

Used 165+ times

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30 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a traditional economy how are economic decisions made?

custom and habit

government leaders

consumers and planners

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a command economy how are economic decisions made?

custom and habit

government leaders

consumers and planners

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a market economy how are economic decisions made?

custom and habit

government leaders

consumers and the market

individuals starting new businesses

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who takes on the risk in starting a new business in a market economy?

consumers

government planners

individual business people

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why do most economies in the world today operate between a market economy and a command economy?

Government control always makes a market economy profitable

most economies have found they need a mix of free market and some government control to be successful and protect consumers

most consumers prefer government control to a free market economy

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How could the economies of South Africa and Nigeria be best described?

mixed

market

traditional

command

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a concern for the economy of South Africa?

Their GDP is lower than all the other countries.

The country has a high unemployment rate

There is not a market for their specialized product.

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Economics of Africa Test

In a traditional economy how are economic decisions made?

In a command economy how are economic decisions made?

In a market economy how are economic decisions made?

Who takes on the risk in starting a new business in a market economy?

Why do most economies in the world today operate between a market economy and a command economy?

How could the economies of South Africa and Nigeria be best described?

What is a concern for the economy of South Africa?

What does South Africa specialize in?

What does Nigeria specialize in?

What does Kenya specialize in?

Access all questions and much more by creating a free account

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