Which answer describes the attributes of a market economy?

• The government owns all businesses.

• There are few obstacles to starting businesses.

• 1. There are many obstacles to starting businesses.

• The government sets production quotas for goods.

Which answer describes the attributes of a pure command economy?

• There is free trade between businesses.

• There are strong private property protections.

• There are few obstacles to starting businesses.

• The government sets production quotas for goods.

Which two factors do countries with mixed economies focus on balancing?

• business profits and consumer choice

• 1. domestic trade and international trade

• 1. efficient production and low investment

• government control and economic freedom

Which economic practice would MOST help African economies benefit from international trade?

• lowering inflation rates

• raising interest rates

• specialization

• generalization

Why is specialization important for national economic growth?

• Specialization limits foreign influence over a nation’s economy.

• Specialized economies use resources more efficiently.

• Specialized nations can profit from otherwise worthless goods.

• Specialization limits the effects of globalization.

South Africa and its neighbor Zambia disagree over which country should control the Bakassi region. To pressure Zambia, the South African government decides to ban the sale of oil to Zambia.

What is this an example of?

• embargo

• subsidy

• quota

• tariff

Cameroon, one of Angola's trading partners, is trying to protect its domestic oil refineries from competition. To do so, it limits the amount of refined oil that can be imported from other countries.

What is this an example of?

• 1. tariff

• embargo

• quota

• 1. subsidy

Whenever the company sells its oil to businesses in other countries, it must pay a tax to the Kenyan government.

What is this an example of?

• 1. embargo

• quota

• subsidy

• tariff

Which is the BEST way to describe the economies of Kenya, Nigeria, and South Africa?

• They are traditional economies.

• They are pure command economies.

• They are pure market economies.

• They are mixed economies.

How is the literacy rate in a country related to their investment in human capital?

• Higher investment in human capital leads to an increase in the literacy rate of a country, which leads to higher GDP

• Lower investment in human capital leads to a decrease in the literacy rate of a country, which leads to lower GDP

• There is no relationship between investment in human capital and literacy rate.
• Higher investment in human capital leads to a decrease in the literacy rate of a country.