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Africa’s Economics

Authored by Harriett Green

Other Sciences, Geography, Other, History, Specialty, Arts

7th Grade

Used 6+ times

Africa’s Economics
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35 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why does specialization make trade between countries easier?

There will always be a steady supply of goods on the market so trade is not needed.
Countries can produce what they make best and trade with others for what they need.
A country’s economy will never go through a difficult time if they specialize in a good.
The competition between countries will not exist without interdependance.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Converting currency makes it possible to buy and sell goods between countries with different types of money.
The dollar is the most valuable currency in the world.
Converting currencies makes goods cost less so more people are likely to trade.
It is not important because international trade can now occur with an exchange rate.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a traditional economy, how are economic decisions made?

Government leaders
Consumers
Customs and traditions
A mix of consumers and government leaders

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of Gross Domestic Product (GDP)?

The total value of all the goods and services a country produces in a year.
The total value of all goods imported within a year.
The total value of taxes collected in a year.
The total value of all goods produced by entrepreneurs in a year.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Tariff
Quota
Embargo
Physical trade barrier

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Tariffs and quotas are alike because they both __________________.

restrict or limit trade between countries.
completely stop trade between countries.
increase trade between countries.
make trading a lot easier between countries.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Countries who specialize in oil as their main export like Nigeria usually import items such as

food
raw materials
technology
all of the above

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