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WorksheetsEconomic Systems Africa
Total questions: 16
Worksheet time: 9mins
Which trade barrier stops goods from being imported altogether?
tariff
quota
embargo
In a market economy, you would expect to see (select all that apply)...
lots of competition
little competition
strong private property protections
lots of government control of things
True or false: Most democratic nations have mixed economies.
true
false
Which trade barrier limits the number of imports from another country?
tariff
quota
embargo
True or false: In South Africa, Nigeria, & Kenya, the government controls some major industries.
true
false
How do economies benefit from international trade?
raising of interest rates
specialization
generalization
lowering of interest rates
Which trade barrier places a tax on imported goods?
tariff
quota
embargo
In most countries, people use ________ to get the things they need.
currency
bartering
In which type of economy do people use bartering to get what they need?
traditional
command
market
Which of these is most like a market system?
Government provides lots of services
Individuals can start their own business & charge any price they want
Government provides food & housing for all people
Businesses are owned by the government
Specialization is when countries...
concentrate on producing a narrow range of goods & services
try to make everything they need on their own
Which would you expect to see in a command economy?
production determined by supply & demand
production determined by government quotas
privately owned businesses
businesses owned by the government
Privatization is when...
gov-owned industries are sold to private citizens or companies
private industries become government-owned
True or false: Countries that have lots of privatization are probably command economies.
true
false
Many countries imposed embargoes on South Africa because...
they did not like SA's nuclear weapons program
they wanted to help SA's economy
they wanted SA to end the policy of Apartheid
True or false: The countries that imposed embargoes on South Africa achieved their goal.
true
false
