7th - African Economics

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

• Most goods must be paid in US dollars

• The people buying goods want to be paid in gold and silver

• All currencies are worthless on the world market

• To pay for goods purchased from different countries

A tariff is a?

• Tax

• Stop on all trade

• Natural Resource

• Leader

South Africa has an abundance of natural resources in ALL of the following EXCEPT?

• Diamonds

• Gold

• Silver

• Platinum

In which economic system do citizens have little to NO say in the economy?

• Market

• Command

• Traditional

• Communism

In which economic system do citizens have the MOST freedom in what to produce, make and sell?

• Market

• Command

• Traditional

• Autocracy

What type of economic system do MOST countries in the world have?

• Traditional

• Market

• Mixed

• Command

True/False: There are NO pure market or pure command economies in the world.

• True

• False

Which African country do citizens have the most economic freedoms? They have a largely industrialized (developed) nation.

• South Africa

• Nigeria

• Kenya

Who is the largest employer in the country of Kenya? Hint: They control most of the economy.

• Colleges and Universities

• The Kenyan Airport

• The Government

• Fast food restaurants

Which country in Africa is very dependent on Petroleum (Oil)? It makes up 95% of the exports.

• Kenya

• South Africa

• Nigeria

• Egypt