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WorksheetsAfrican Economies
Total questions: 14
Worksheet time: 7mins
The South African economy can BEST be described as a
command economy.
traditional economy.
pure market economy.
mixed market economy.
All of these are characteristics of a ___ economy.
· Decision making based on supply and demand.
· Adjusts to changes in the market place.
· Producers and consumers have control of the economy.
command
market
socialist
traditional
Which of these is a correct description of one of the ways in which a command economy differs from a market economy?
Market economies discourage free enterprise.
In a market economy, the government sets prices.
Command economies tend to have a higher per capita GDP.
In a command economy, individuals have less economic freedom.
Which question is MOST LIKELY a fundamental economic question?
Who will pay the taxes?
Who will educate the workers?
Who will get the goods and services produced?
Who will do the work to produce the goods and services?
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
Who takes on the financial risk in starting a new business in a market economy?
Consumers
Government planners
Individual business people
Combination of planners and investors
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.
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
Which Best describes income?
Money borrowed from a credit union.
Credit offered on the basis of a person’s salary
Money you earn working or get from investing
Taxes paid to the government based on annual salary
What is an example of a physical trade barrier in Africa?
Quota on Egyptian cotton sheets
Tariff on Nigerian oil
The Sahara desert
Embargo on South Africa
Today, both South Africa and Nigeria have ___________ economic systems.
Traditional
Command
Market
Mixed
If Sudan’s government puts a limit on how much Nigerian oil it will import this year, what trade barrier is this?
Embargo
Tariff
Quota
Opportunity Cost
Tribes in Kenya use bartering to trade and practice which type of economy?
Traditional
Command
Market
Mixed
