Africa Government and Economics Review

The United States has a _____ economy.

Answer explanation

The United States has a mixed economy, which combines elements of both capitalism and government intervention. This allows for a balance between free market principles and regulatory oversight.

What is the term for the percentage of people in a population who are able to read and write?

• Literacy Rate

• Birth Rate

• Unemployment Rate

• Population Density

Answer explanation

The term for the percentage of people in a population who can read and write is called the Literacy Rate. This metric is crucial for assessing education levels in a society.

A traditional economy

• follows traditions and history of ancestors

• places all control in the hands of the government

• is dictated by supply and demand

• is a mixture of all different types of economies

Answer explanation

A traditional economy is characterized by its reliance on customs and practices passed down through generations, making the choice 'follows traditions and history of ancestors' the correct answer.

People used the ______ system to exchange goods before the invention of ______.

• barter; money

• money; barter

• coins; currency

• trade; coins

Answer explanation

The correct choice is 'barter; money' because barter is the system used for exchanging goods directly, while money was invented later to facilitate trade more efficiently.

Grace wants to buy a toy at the store. What is an example of currency she can use to pay?

• Dollar

• Animal

• Person

• Product

Answer explanation

The correct choice is 'Dollar' because it is a form of currency used for transactions. The other options, such as 'Animal', 'Person', and 'Product', do not represent currency and cannot be used to pay for items.

Abigail is studying economics and wants to measure the total dollar value of all final goods and services produced within her country's border in a given year. What is this measurement called?

• GDP

• PDG

• EDG

• GGG

Answer explanation

The total dollar value of all final goods and services produced within a country's borders in a year is called Gross Domestic Product (GDP). This measurement reflects the economic performance of a nation.

The chef's ________________ is in preparing gourmet meals.

• specialization

• weakness

• confusion

• hobby

Answer explanation

The chef's specialization refers to their expertise and focus in preparing gourmet meals, making it the most appropriate choice. The other options do not convey a positive or relevant aspect of the chef's skills.

Jackson is starting a new job at a technology company. What kind of capital does Jackson bring to the job as an employee?

• Human Capital

• Product Capital

• Skill Capital

• Consumer Capital

Answer explanation

Jackson brings Human Capital to his new job, which refers to the skills, knowledge, and experience he possesses as an employee. This is essential for contributing effectively to the technology company.

Charlotte owns a company that trades goods with businesses in other countries. One day, the government announces an embargo. This means trade between countries is __________.

• stopped

• increased

• encouraged

• taxed

Answer explanation

An embargo is a government order that restricts trade with specific countries. Therefore, when an embargo is announced, trade between countries is effectively stopped, making 'stopped' the correct choice.

Which type of trade barrier is a tax on imported goods?

• embargo

• quota

• tarriff

• barter

Answer explanation

A tariff is a tax imposed on imported goods, making it the correct answer. An embargo is a ban on trade, a quota limits the quantity of goods, and barter involves trading goods without money.