Interim Review - Africa Econ

A limit on the amount of a good that is imported

• poverty

• quota

• tariff

• economy

When one country refuses to trade with another country.

• export

• quota

• embargo

• market

Saudi Arabia's economy relies heavily on

• the tourist industry

• the petroleum industry

• the fine metals industry

• the natural gas industry

Why must Saudi Arabia diversify its economy?

• The global price of oil is increasing

• The global price of oil is decreasing

• The supply of oil is increasing in the world

• the supply of oil is being replaced at a slow rate

What is the primary function of OPEC?

• To determine who gets oil and who does not.

• To regulate the price of oil on the global market.

• To decide how much oil should be traded between nations.

• They have no function; they are just a group of countries.

Which of the following BEST describes a quota?

• a ban placed on all trade with a particular country

• a limit on the amount of goods that can be imported from a country

• a tax on export goods paid to the exporting government

• a tax placed on goods imported from a country

Which of the following BEST describes an embargo?

• a ban placed on all trade with a particular country

• a limit on the amount of goods that can be imported from a country

• a tax on export goods paid to the exporting government

• a tax placed on goods imported from a country

Which of the following BEST describes a tariff?

• a ban placed on all trade with a particular country

• a limit on the amount of goods that can be imported from a country

• a tax on export goods paid to the exporting government

• a tax placed on goods imported from a country

Why would a country invest in human capital?

• to make sure workers are able to do specialized work

• to reduce economic specialization

• to increase the value of natural resources

• to reduce competition among businesses

What incentive might a national government have for improving education and literacy in their country?

• Educated populations do not need to trade with other countries.

• Educated populations have a higher standard of living than uneducated populations.

• Educated populations are less likely to distrust the government.

• Educated populations produce more agricultural goods than uneducated populations.