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Africa Economics Review

Total questions: 44

Worksheet time: 25mins

Name
Class
Date
1.

In a traditional economy, how are economic decisions made? In a traditional economy, how are economic decisions made?

a)

Custom and habit

b)

Government leaders

c)

Consumers and planners

d)

Combination of consumers and producers

2.

Who takes on the financial risk in starting a new business in a market economy?

a)

Consumers

b)

Government planners

c)

Individual business people

d)

Combination of planners and investors

3.

What is South Africa’s main export

a)

Oil

b)

Textiles

c)

Gold and diamonds

d)

Agricultural products

4.

Which country has the largest per capita GDP

a)

Nigeria

b)

South Africa

c)

GDP information is not available

d)

The GDPs are almost all the same.

5.

Why did a number of the countries of the United Nations have an embargo on South Africa?

a)

South Africa refused to take part in international trade.

b)

They wanted South Africa to end its system of apartheid.

c)

Some were hoping for better oil deals from the South African government.

d)

They wanted South Africa to lower the world price of gold and diamonds.

6.

Which is part of a country’s human capital?

a)

Skills and knowledge workers have

b)

Taxes collected from a country’s workers

c)

Money paid to workers for producing goods

d)

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

7.

What are capital goods?

a)

The workers who made the goods and services.

b)

The factories and machines used it make goods

c)

Money spent to train workers to use new technology

d)

Money available for scholarships to graduate schools

8.

What is Nigeria’s main export?

a)

Oil

b)

Cotton

c)

Fish

d)

Textiles

9.

What economic problem is South Africa currently facing?

a)

High literacy rates

b)

High unemployment rates

c)

No trading partners

d)

Too much government control

10.

What is an example of a physical trade barrier in Africa?

a)

Quota on Egyptian cotton sheets

b)

Tariff on Nigerian oil

c)

The Sahara desert

d)

Embargo on South Africa

11.

During Nigeria’s long period of military rule, what type of economic system did it have?

a)

Traditional

b)

Command

c)

Market

d)

Mixed

12.

Which country has the strongest economy in Africa?

a)

Nigeria

b)

Botswana

c)

South Africa

d)

Sudan

13.

How has Nigeria’s concentration on oil production hurt the country’s economy?

a)

Oil production has caused no problems.

b)

All children have a free high school education.

c)

Most Nigerians are wealthy because of oil production.

d)

Agriculture has suffered and the country must import food.

14.

If Sudan’s government puts a limit on how much Nigerian oil it will import this year, what trade barrier is this?

a)

Embargo

b)

Tariff

c)

Quota

d)

Opportunity Cost

15.

Tribes in Kenya use bartering to trade and practice which type of economy?

a)

Traditional

b)

Command

c)

Market

d)

Mixed

16.
Why does specialization make trade between countries easier?
a)
There will always be a steady supply of goods on the market so trade is not needed.
b)
Countries can produce what they make best and trade with others for what they need.
c)
A country’s economy will never go through a difficult time if they specialize in a good.
d)
The competition between countries will not exist without interdependance.
17.
Why is it important for nations to have a system to convert from one currency to another?
a)
Converting currency makes it possible to buy and sell goods between countries with different types of money.
b)
The dollar is the most valuable currency in the world.
c)
Converting currencies makes goods cost less so more people are likely to trade.
d)
It is not important because international trade can now occur with an exchange rate.
18.
In a traditional economy, how are economic decisions made?
a)
Government leaders
b)
Consumers
c)
Customs and traditions
d)
A mix of consumers and government leaders
19.
What is the definition of Gross Domestic Product (GDP)?
a)
The total value of all the goods and services a country produces in a year.
b)
The total value of all goods imported within a year.
c)
The total value of taxes collected in a year.
d)
The total value of all goods produced by entrepreneurs in a year.
20.
Scenario: The US refuses to trade with any countries that support terrorism. What trade barrier is this?
a)
Tariff
b)
Quota
c)
Embargo
d)
Physical trade barrier
21.
Tariffs and quotas are alike because they both __________________.
a)
restrict or limit trade between countries.
b)
completely stop trade between countries.
c)
increase trade between countries.
d)
make trading a lot easier between countries.
22.
The OPEC nations control 40% of the worlds oil output. The OPEC countries work together to control prices for oil and to keep profits flowing in their countries. One way that they control prices is to limit production. Each member country is given a maximum amount of oil they can sell in a given time. What describes the limit that OPEC puts on its members' production of oil?
a)
tax
b)
tariff
c)
quota
d)
embargo
23.
What happens to the price of oil when OPEC countries decide to reduce production?
a)
prices rise
b)
prices drop
c)
prices stay the same
d)
oil stops being sold
24.
Which of these would be an example of investing in capital goods?
a)
Upgrading the factories, tools, or technology in your country
b)
Providing better education for your citizens
c)
Exploring for more crude oil in your country
d)
Providing better healthcare for your citizens
25.
What is the relationship between education and training in a country and the country’s gross domestic product (GDP)?
a)
Countries with a high level of education and training have a higher gross domestic product.
b)
Gross domestic product only deals with the amount of investment in factories and machinery.
c)
The role of entrepreneurs is the only factor affecting gross domestic product.
d)
There is no relationship between education and training and gross domestic product.
26.
Although both Nigeria and South Africa have an abundance of natural resources, a great number of people live in poverty. Why is this true?
a)
There are no educated people in either of these countries to raise the standard of living.
b)
Nigeria and South Africa have been at war with each other for 30 years which has prevented growth of the economy.
c)
Political leaders have failed to use natural resources to benefit all citizens.
d)
Both countries are ruled by white minorities that prevent all people from making a good income.
27.
Which are MOST important in a command economy?
a)
Traditions and habit    
b)
Government planners  
c)
Consumers and the free market
d)
A combination of consumers and government planners
28.
Which economy is dictated by supply and demand and the buyers and sellers?
a)
Market
b)
Socilaism 
c)
Mixed 
d)
Command 
29.
Which describes how MOST countries around the world answer basic economic questions?
a)
A mixture of command and market economies.
b)
Most countries are pure market economies.
c)
Most countries are pure command economies.
d)
A mixture of traditional and market economies.
30.
What would MOST LIKELY happen to the standard of living in African countries if more efforts were taken to increase literacy rates?
a)
It would decrease.    
b)
It would not change.
c)
There is no relationship between the two.
d)
It would increase.
31.
Nigeria has an abundant supply of oil. How has oil affected the lives of the Nigerian people? 
a)
The standard of living in Nigeria is higher than in any African nation. 
b)
The majority of Nigerians are employed in oil related industries.  
c)
The abundance of oil has brought about honest leaders who work to help the people.  
d)
The majority of Nigerian people have not benefited by the abundance of oil.
32.

In what economic systems do private citizens determine what to produce, how to produce it, and how to market it?

a)

Traditional Economy

b)

Market Economy

c)

Command Economy

d)

Mixed Economy

33.

In what economic system does the government determine what to produce, how to produce it, and how to market it?

a)

Traditional Economy

b)

Market Economy

c)

Command Economy

d)

Mixed Economy

34.

What do you call the tools and equipment needed to create a good or service?

a)

Capital Resources

b)

Human Resources

c)

Land Resources

d)

Entrepreneurial Ability

35.

What is the total amount of a good or service available for purchase?

a)

Producer

b)

Consumer

c)

Demand

d)

Supply

36.

What do you call someone who makes or provides a good or service for purchase?

a)

Producer

b)

Consumer

c)

Demand

d)

Supply

37.

What is a good which is produced domestically but sold in a foreign country?

a)

Import

b)

Export

c)

Gross Domestic Product

d)

Human Development Index

38.

What do you call a country with a strong economy and easy access to education, healthcare, and vital goods and services?

a)

Least Developed Country

b)

Less Developed Country

c)

More Developed Country

d)

Third World County

39.

Which of the following are ways that countries attempt to limit trade? (choose all that apply)

a)

Tariffs

b)

Deficit

c)

Quotas

d)

Investment

e)

Embargo

40.

Why did Europeans "claim" colonies in the 1800s? (choose all that apply)

a)

To gain access to new technologies

b)

To obtain more raw materials

c)

To have new markets for selling goods

d)

To learn about new cultures and traditions

41.

How is the president of South Africa chosen?

a)

He is appointed by the king

b)

He is chosen by the country's religious leader

c)

The citizens elect parliament and then parliament elects the president

42.

Citizens directly vote for the President in Kenya. Therefore, Kenya has a __________.

a)

Presidential Democracy

b)

Autocracy

c)

Communist Government

43.

In South Africa, citizens elect members to the National Assembly (House of Parliament), then parliament selects one of its members to be the president. South Africa has what type of government?

a)

Parliamentary Democracy

b)

Dictatorship

c)

Communist

44.

What is Nigeria’s most valuable natural resource?

a)

gold

b)

oil

c)

timber

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