African Economics: Question Preview (ID: 13826)

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How does voluntary trade help the economy?
a) It encourages specialization and usually means more profit. b) Voluntary trade means prices will always be low. c) Voluntary trade only works when tariffs are in place. d) This sort of trade involves many government regulations.
Why is specialization so valuable in international trade today?
a) Most countries can only make one product very well. b) Specialization allows people to do a more efficient job at producing what they make best. c) Specialization limits the amount of agriculture a country allows. d) Specialization always keeps the prices low on goods that are imported into a country.
South Africa specializes in _________
a) oil production b) grain production c) textile manufacturing d) gold and diamond mining
Nigeria specializes in ____________
a) oil production b) gold and salt trade c) corn and wheat production d) iron and steel manufacturing
How has Nigeria's concentration on oil hurt that country's overall economy?
a) No one in Nigeria uses oil for fuel. b) Agriculture has suffered greatly and now Nigeria must import food. c) The country has not been able to get the oil into tankers for shipment to other countries. d) The price of oil on the world market has dropped and cut Nigeria's profits.
In which areas could Uganda and Kenya plan together to specialize?
a) iron mining and the steel industry b) cattle raising and meat processing c) cotton production and textile manufacturing d) grain production and processing flour and corn meal
What is a tariff?
a) A tax paid by the purchaser when goods are sold b) A tax placed on goods coming into one country from another c) A tax placed on goods made by local craftsmen or manufacturers d) A fee paid when goods are shipped from one state to another in the US
What is a quota?
a) a tax placed on imported goods when they enter the country b) a limit on the amount of foreign goods allowed into a country c) a decision to prevent certain goods from being imported at all d) a tax placed on good when they are purchased in the market place
What is an embargo?
a) a tax placed on goods coming into the country from overseas b) a limit on the amount of certain goods allowed into the country c) a tax paid by the producer before he can sell his goods in another country d) a halt to trade with a particular country for economic or political reasons
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.
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