Africa Economy

Embargos are different than tariffs and quotas mainly because they

• completely eliminate trade between countries.

• are used before any other trade barrier is tried.

• increase taxes on imports rather than exports.

• are only used by African countries.

Which describes entrepreneurship?

• The physical talents of people to build things.

• Machines, tools, and devices used for production.

• Putting together productive resources to produce a good or service.

• The ability to harvest and use natural resources

Which resource has the MOST DIRECT impact on the population and development of Nigeria?

• uranium

• lumber

• oil

• diamonds

What are the 3 basic economic questions that all economic systems must answer?

• what to produce, why to produce, and how much to produce

• What to produce, how to produce it, and for whom to produce the goods

• When to produce, why to produce, and how long to produce

• to what extent to produce, how much to produce, why to produce

In some countries a single authority, like the government, decides what is produced. Which term identifies this type of economic system?

• Traditional

• Market

• Mixed

• Command

Which describes how MOST countries around the world answer basic economic questions?

• A mixture of traditional and market economies.

• Most countries are pure market economies.

• Most countries are pure command economies.

• A mixture of command and market economies.

From 2003 to 2007 Nigeria's GDP increased 5%. Which statement below is most consistent with this data?

• There was an investment in human capital through education and training.

• Oil companies in the region shut down.

• Nigeria stopped investing in capital resources like machinery and technology.

• The countries surrounding Nigeria had improved economies.

When comparing the economic systems of South Africa and Nigeria, which is correct?

• Both countries have mixed economies that are closer to market than command.

• The economic systems rely solely on agriculture for income.

• Both countries are almost completely command economies.

• Neither country uses any part of a market system.

South Africa generates more than 50% of Africa's electricity. Based on the idea of specialization, how can other countries in Africa BENEFIT from South Africa's electricity production?

• Learn from South Africa and produce their own electricity.

• Produce electricity so South Africa can begin to produce other things

• Try to produce everything on their own so they won't rely on South Africa at all.

• Produce goods or services that South Africa needs and trade for electricity.

South Africa generates more than 50% of Africa's electricity. Based on the idea of specialization, how can other countries in Africa BENEFIT from South Africa's electricity production?

• Learn from South Africa and produce their own electricity.

• Produce electricity so South Africa can begin to produce other things

• Try to produce everything on their own so they won't rely on South Africa at all.

• Produce goods or services that South Africa needs and trade for electricity.