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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
Market economies discourage free enterprise
B
Command economies tend to have a higher per capita GDP.
C
In a market economy, the government sets prices.
D
In a command economy, individuals have less economic freedom.
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
Nigeria
B
Sudan
C
Kenya
D
South Africa
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 imports, while quotas set limits on imports.
B
Tariffs raise prices on imports, while quotas set limits on exports.
C
Tariffs raise prices on exports, while quotas set limits on exports.
D
Tariffs raise prices on exports, while quotas set limits on imports.
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 barrier
C
Trade deficit
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
sell it
C
keep it forever and ever and ever and ever and ever and ever and ever and ever and ever and ever and ever and...
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
blockade
B
tariff
C
embargo
D
quota
10) How might specialization encourage trade?
A
One nation will focus resources on its specialty, forcing it to buy other products from other nations.
B
Nations stop using products from other nations to support their own economies.
C
One nation will sell its specialty to others ONLY if they don't compete.
D
Nations agree to work together as a team to make it easier for them to manufacture expensive items.
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
embargo
B
specialization
C
agriculture
D
tariff
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 payment to encourage trade
B
a tax on an imported good
C
an amount that can legally be imported
D
the refusal to export some goods
13) The MOST LIKELY incentive for entrepreneurs to start a new business is
A
to make a profit.
B
to risk financial failure.
C
to create a new social benefit
D
to discover a new patent
14) Entrepreneurs develop new goods and services to start a business. Why is entrepreneurship often difficult?
A
Healthy competition encourages higher quality products.
B
There are laws that restrict most new businesses.
C
There is a risk that the new business may fail.
D
Motivation for profit may not be the best incentive.
15) Increased education and training within a nation will most likely result in
A
a decrease in entrepreneurship.
B
an increase in Gross Domestic Product (GDP).
C
a decrease in Gross Domestic Product (GDP).
D
an increase in the presence of natural resources.
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 South Africa
C
the Republic of Kenya
D
the Republic of Saudi Arabia
17) Economic development in northern Africa has been MOST affected by which of these?
A
outbreaks of malaria
B
availability of sources of water
C
communist-led governments
D
prolonged civil wars
18) Literacy rate for: Kenya-85% Nigeria-68% South Africa-86% Sudan-61% . Which country will probably have the highest standard of living?
A
Nigeria
B
Sudan
C
Kenya
D
South Africa
19) South Africa is MOST known for its exporting of
A
automobiles
B
cotton.
C
rice
D
minerals
20) Which of these would be the LEAST LIKELY to increase human capital?
A
increasing the cost of tuition at public colleges
B
improving access to health care in rural areas
C
offering free training seminars for employees
D
involving parents in their children’s education
*select an answer for all questions
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