Africa Economics

In a traditional economy, how are economic decisions made? In a traditional economy, how are economic decisions made?

• Custom and habit

• Government leaders

• Consumers and planners

• Combination of consumers and producers

Which country has the largest per capita GDP

• Nigeria

• South Africa

• GDP information is not available

• The GDPs are almost all the same.

How does voluntary trade help the economy

• Voluntary trade mean prices will always be low.

• Voluntary trade only works when tariffs are in place.

• This sort of trade involves many government regulations

• It encourages specialization and usually means more profit.

Why did a number of the countries of the United Nations have an embargo on South Africa?

• South Africa refused to take part in international trade.

• They wanted South Africa to end its system of apartheid.

• Some were hoping for better oil deals from the South African government.

• They wanted South Africa to lower the world price of gold and diamonds.

Which is part of a country’s human capital?

• Skills and knowledge workers have

• Taxes collected from a country’s workers

• Money paid to workers for producing goods

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

What are capital goods?

• The workers who made the goods and services.

• The factories and machines used it make goods

• Money spent to train workers to use new technology

• Money available for scholarships to graduate schools

What economic problem is South Africa currently facing?

• High literacy rates

• High unemployment rates

• No trading partners

• Too much government control

Which country has the strongest economy in Africa?

• Nigeria

• Botswana

• South Africa

• Sudan

Today, both South Africa and Nigeria have ___________ economic systems.

• Traditional

• Command

• Market

• Mixed

In which has South Africa specialized?

• oil production

• textiles

• meat processing

• gold and diamond mining