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African Economics
Test Description: SS7E2a
Instructions: Answer all questions to get your test result.
1) How does voluntary trade help the economy?
A
Voluntary trade only works when tariffs are in place.
B
It encourages specialization and usually means more profit.
C
Voluntary trade means prices will always be low.
D
This sort of trade involves many government regulations.
2) Why is specialization so valuable in international trade today?
A
Specialization allows people to do a more efficient job at producing what they make best.
B
Most countries can only make one product very well.
C
Specialization always keeps the prices low on goods that are imported into a country.
D
Specialization limits the amount of agriculture a country allows.
3) South Africa specializes in _________
A
grain production
B
gold and diamond mining
C
oil production
D
textile manufacturing
4) Nigeria specializes in ____________
A
corn and wheat production
B
gold and salt trade
C
oil production
D
iron and steel manufacturing
5) How has Nigeria's concentration on oil hurt that country's overall economy?
A
Agriculture has suffered greatly and now Nigeria must import food.
B
The country has not been able to get the oil into tankers for shipment to other countries.
C
No one in Nigeria uses oil for fuel.
D
The price of oil on the world market has dropped and cut Nigeria's profits.
6) In which areas could Uganda and Kenya plan together to specialize?
A
iron mining and the steel industry
B
grain production and processing flour and corn meal
C
cotton production and textile manufacturing
D
cattle raising and meat processing
7) What is a tariff?
A
A fee paid when goods are shipped from one state to another in the US
B
A tax placed on goods coming into one country from another
C
A tax paid by the purchaser when goods are sold
D
A tax placed on goods made by local craftsmen or manufacturers
8) What is a quota?
A
a decision to prevent certain goods from being imported at all
B
a tax placed on imported goods when they enter the country
C
a tax placed on good when they are purchased in the market place
D
a limit on the amount of foreign goods allowed into a country
9) What is an embargo?
A
a tax placed on goods coming into the country from overseas
B
a halt to trade with a particular country for economic or political reasons
C
a tax paid by the producer before he can sell his goods in another country
D
a limit on the amount of certain goods allowed into the country
10) 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 lower the world price of gold and diamonds.
C
They wanted South africa to end its system of apartheid.
D
Some were hoping for better oil deals from the South African government.
*select an answer for all questions
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