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African Economic Understandings
Test Description: SS7E1a
Instructions: Answer all questions to get your test result.
1) In a traditional economy, how are economic decisions made?
A
government leaders
B
custom and habit
C
consumers and planners
D
combination of consumers and producers
2) Which would be a problem for a community with a traditional economy?
A
The price of advanced electronics, like computers, begins to rise rapidly.
B
Older villagers take on younger workers to learn to make the products they have been producing.
C
People in the country begin to want and need products that cannot be made or traded locally.
D
People in the village find ways to make their products more efficiently.
3) In a command economy, how are economic decisions made?
A
combination of consumers and planners
B
government planners
C
custom and habit
D
consumers and the market
4) Which would be a problem in a command economy?
A
A worker trying to start a new business on his or her own would need permission.
B
Local craffts would be produced before manufactured goods.
C
Individual business people would risk their own money to produce goods.
D
People would get rich.
5) In a market economy, how are economic decisions made?
A
custom and habit
B
individuals starting new businesses
C
government planners
D
consumers and the market
6) Who takes on the financial risk in starting a new business in a market economy?
A
combination of planners and investors
B
government planners
C
individual business people
D
consumers
7) Why are most modern economics referred to as mixed economies?
A
Poverty is always highest in countries with market economies.
B
Government planners do not know how to handle economic problems.
C
Products made by traditional economies have no markets in the modern world.
D
Most countries have aspects of all three economic types at work in their economies.
8) Why do most economies in the world today operate somewhere in between a market and a command economy?
A
Most consumers prefer government control to a free market system.
B
Government control of some aspects of the economy has never been successful in the modern world.
C
Most economies feel they need a mix of free market and some government control to be successful.
D
Government control always makes a market economy profitable.
9) What is South Africa's main export?
A
textiles
B
gold and diamonds
C
agricultural products
D
oil
10) Why is specialization so valuable in international trade today?
A
Specialization limits the amount of agriculture a country allows.
B
Specialization always keeps the prices low on good that are imported into a country.
C
Specialization allows people to do a more efficient job at producing what they make best.
D
Most countries can only make one product very well.
*select an answer for all questions
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