Economic Systems Africa

Which trade barrier stops goods from being imported altogether?

• tariff

• quota

• embargo

In a market economy, you would expect to see (select all that apply)...

• lots of competition

• little competition

• strong private property protections

• lots of government control of things

True or false: Most democratic nations have mixed economies.

• true

• false

Which trade barrier limits the number of imports from another country?

• tariff

• quota

• embargo

True or false: In South Africa, Nigeria, & Kenya, the government controls some major industries.

• true

• false

How do economies benefit from international trade?

• raising of interest rates

• specialization

• generalization

• lowering of interest rates

Which trade barrier places a tax on imported goods?

• tariff

• quota

• embargo

In most countries, people use ________ to get the things they need.

• currency

• bartering

In which type of economy do people use bartering to get what they need?

• traditional

• command

• market

Which of these is most like a market system?

• Government provides lots of services

• Individuals can start their own business & charge any price they want

• Government provides food & housing for all people

• Businesses are owned by the government