Africa's Economy

Which of the following is NOT likely to occur in a pure command economy?

• government owns all businesses

• The government sets quotas

• markets are not regulated by the government 

Becoming an expert in one part of a larger business or market is known as

• embargo

• tariff

• specialization

• trade

What is a tax placed on imported goods

• embargo

• tariff

• quota

• specialization

A limit on the amount of goods a country will import

• trade

• tariff

• quota

• embargo

A complete ban on trading, usually for political reasons

• embargo

• tariff

• quota

• specialization

How does currency exchange help international trade?

• it only allows trade with border countries

• tells people how much their currency is worth in other countries

• it is easy to use because it never changes

• none of the above

How does a high literacy rate positively affect a nation's standard of living?

• literate people do not commit crimes

• literacy helps members of different religions coexist

• literacy prevents political division among voters

• literate people are better able to secure skilled jobs

which one would most likely raise the literacy rate in a country

• entrepreneurship

• investment in capital goods

• investment in natural resources

• investment in human capital

technology, factories, and machines are used to make goods and services

• human capital

• natural resources

• capital goods

• none of the above

gold, diamonds, platinum, crude oil, propane, and refined oil are examples of

• natural resources

• human capital

• capital goods

• none of the above