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Unit 9 Africa Economics Review
Test Description: Unit 9 africa economics
Instructions: Answer all questions to get your test result.
1) In a market economy, prices are established by
A
decree of government agencies
B
the interaction of supply and demand.
C
businesses which buy and sell the products.
D
consumers and labor unions.
2) Which of these is a correct description of one of the ways in which a command economy differs from a market economy?
A
In a command economy, individuals have less economic freedom.
B
In a market economy, the government sets prices.
C
Market economies discourage free enterprise
D
Command economies tend to have a higher per capita GDP.
3) Which question is MOST LIKELY a fundamental economic question?
A
Who will pay the taxes?
B
Who will get the goods and services produced?
C
Who will educate the workers?
D
Who will do the work to produce the goods and services?
4) This African nation is a major world supplier of gold, diamonds, and platinum.
A
Sudan
B
Nigeria
C
South Africa
D
Kenya
5) This African nation is economically dependent on oil production, although energy revenues only benefit 1% of the population
A
South Africa
B
Nigeria
C
Kenya
D
Sudan
6) Which statement BEST reflects the difference between tariffs and quotas?
A
Tariffs raise prices on exports, while quotas set limits on imports.
B
Tariffs raise prices on exports, while quotas set limits on exports.
C
Tariffs raise prices on imports, while quotas set limits on imports.
D
Tariffs raise prices on imports, while quotas set limits on exports.
7) Imposing some sort of cost on trade that raises the price of the traded products is MOST LIKELY an example of
A
Trade surplus
B
Trade deficit
C
Trade barrier
D
Voluntary trade
8) When a country specializes in producing a product, overproduction can occur. What do nations do with the extra products?
A
throw it away
B
keep it forever and ever and ever and ever and ever and ever and ever and ever and ever and ever and ever and...
C
sell it
D
store it
9) In 1987, the United Nations General Assembly passed a resolution that prohibited countries from buying oil from South Africa in an effort to persuade the nation to end the racist policies of apartheid. This is an example of a(n)
A
tariff
B
quota
C
embargo
D
blockade
10) How might specialization encourage trade?
A
Nations agree to work together as a team to make it easier for them to manufacture expensive items.
B
One nation will sell its specialty to others ONLY if they don't compete.
C
Nations stop using products from other nations to support their own economies.
D
One nation will focus resources on its specialty, forcing it to buy other products from other nations.
11) n economics, often a nation has one product or industry that becomes better developed than other products or industries. Over time, that nation may become known for being a reliable producer in that industry.
A
agriculture
B
specialization
C
tariff
D
embargo
12) International trade is the exchange of goods and services between countries. This sometimes involves the use of quotas. What is a quota?
A
a tax on an imported good
B
the refusal to export some goods
C
an amount that can legally be imported
D
a payment to encourage trade
13) The MOST LIKELY incentive for entrepreneurs to start a new business is
A
to discover a new patent
B
to risk financial failure.
C
to create a new social benefit
D
to make a profit.
14) Entrepreneurs develop new goods and services to start a business. Why is entrepreneurship often difficult?
A
There are laws that restrict most new businesses.
B
Motivation for profit may not be the best incentive.
C
There is a risk that the new business may fail.
D
Healthy competition encourages higher quality products.
15) Increased education and training within a nation will most likely result in
A
a decrease in Gross Domestic Product (GDP).
B
an increase in Gross Domestic Product (GDP).
C
an increase in the presence of natural resources.
D
a decrease in entrepreneurship.
16) Although this nation has made great progress in protecting the personal freedoms of its citizens since apartheid ended here in 1994, many people still live in poverty and the nation is faced with crime, corruption, and an HIV/AIDS epidemic.
A
the Kingdom of Ethiopia
B
the Republic of Kenya
C
the Republic of South Africa
D
the Republic of Saudi Arabia
17) Economic development in northern Africa has been MOST affected by which of these?
A
availability of sources of water
B
outbreaks of malaria
C
prolonged civil wars
D
communist-led governments
18) Literacy rate for: Kenya-85% Nigeria-68% South Africa-86% Sudan-61% . Which country will probably have the highest standard of living?
A
South Africa
B
Kenya
C
Sudan
D
Nigeria
19) South Africa is MOST known for its exporting of
A
cotton.
B
rice
C
minerals
D
automobiles
20) Which of these would be the LEAST LIKELY to increase human capital?
A
involving parents in their children’s education
B
increasing the cost of tuition at public colleges
C
offering free training seminars for employees
D
improving access to health care in rural areas
*select an answer for all questions
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