7th Grade Economy-Africa-10.29 Assessment

What is a tariff?

• A government order to stop trade
• A limit placed on imports
• A tax placed on imports

What is an embargo?

• A government order to stop trade.
• A limit placed on imports.
• A tax placed on imports.

Nigeria specializes in _____.

• Oil
• Diamonds
• Gold
• Technology

South Africa specializes in ____.

• Oil
• Diamonds
• Uranim
• Technology

A person who comes up with a product or service, and finds the money and time to produce this new product.

• Entrepreneur
• Incentive
• Specialization
• Barter

Capital goods are 

• all the training workers undergo to be better at their jobs
• all of the factories, machines, technologies, buildings, and property needed by businesses to operate
• all the items that are grown and developed by nature
• people who invest money to start a business. 

Natural resources are 

• all the training workers undergo to be better at their jobs
• all of the factories, machines, technologies, buildings, and property needed by businesses to operate
• all the items that are grown and developed by nature
• people who invest money to start a business. 

How do countries benefit from having natural resources? 

• Countries that have a lot of natural resources are able to use them to produce goods & services at a lower price than those who do not
• Countries that have a lot of natural resources are not capable of selling these items to other countries.
• Countries that have a lot of natural resources are generally poor and do not do well economically. 
• Countries get rid of all of their natural resources to create arable land.

Workers who are educated, healthy, and trained; use of this resources allows businesses and countries to be successful

• entreprenuer

• human capital

• service professionals

If a country goes to war with another, which trade barrier would MOST LIKELY be used?

• Tariff
• Embargo
• Quota
• Any physical trade barrier.