Africa Government and Economic Systems Review

What is an embargo

• A tax placed on goods coming into the country from overseas

• A limit on the amount of certain goods allowed into the country.

• A tax paid by the producer before he can sell his goods in another country.

• A halt to trade with a particular country for economic or political reasons.

In a command economy, how are economic decisions made?

• Customs and tradition.

• Government leaders.

• Consumers and businesses.

• Combination of consumers and government.

If Kenya's government puts a limit on how much Nigerian Oil it will import this year, what trade barrier is this:

• Tariff

• Quota

• Embargo

What does Nigeria specialize in

• Mining (diamonds, gold, uranium, & platinum)

• Oil (petroleum)

• Agriculture

What is a tariff? 

• A tax placed on goods made by local craftsmen or manufacturers.

• A tax placed on goods coming into one country from another.

• A tax paid by the purchaser when goods are sold.

• A fee paid when goods are shipped from one state to another in the United States.

In a market economy, how are economic decisions made?

• Government leaders.

• Customs and tradition.

• Consumers and businesses.

• Combination of consumers and government.

In South Africa’s Parliamentary Democracy, who elects the President?

• The People

• The Parliament/Legislature

Which is a part of a country’s human capital?

• Skills and Knowledge workers have

• Taxes collected from a country's worker

• Money paid to workers for producing goods

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

What are capital goods?

• Taxes collected from a country's workers

• Money paid to workers for producing goods.

• Skills and knowledge workers have.

• The machines and factories used to produce goods

In a traditional economy, how are economic decisions made?

• Government Leaders

• Customs and traditions

• Consumers and businesses

• Combination of consumers and government