African Economics

In a traditional economy, how are economic decisions made?

• producers and consumers

• Market and value

• habit and custom

• via money market

In a command economy, how are economic decisions made?

• president

• government

• citizens

• senate

In a market economy, how are economic decisions made?

• based on market value

• producers and consumers

• the president

• the senate

When a country can produce a good the fastest, the cheapest, and at a greater amount than other countries what is this called?

• specialization

• market value

• economic growth

• FH Scale

Who takes on the financial risk in starting a new business in a market economy?

• Consumers

• Individual business people

• Government planners

• Combination of planners and investors

Which is part of a country’s human capital?

• Money paid to workers for producing goods

• Skills and knowledge workers have

• The amount of goods sold in foreign trade in a year.

• Taxes collected from a country’s workers

What are capital goods?

• The workers who made the goods and services.

• Money spent to train workers to use new technology

• The factories and machines used it make goods

• Money available for scholarships to graduate schools

What is the HF scale used to measure ?

• 50-100 for economics

• 0-100 for economic rankings

• 0-50 economics

• 25-100 economics

Which country is trade the most significant?

• Kenya

• Niger

• South Africa

• Nigeria

What are Tariff's, Quotas, and Embargos considered to be?

• Barriers

• Economic relief

• Market value terms

• Payment standards