In a market economy, prices are established by

Which of these is a correct description of one of the ways in which a command economy differs from a market economy?

Which question is MOST LIKELY a fundamental economic question?

This African nation is a major world supplier of gold, diamonds, and platinum.

This African nation is economically dependent on oil production, although energy revenues only benefit 1% of the population

Which statement BEST reflects the difference between tariffs and quotas?

Imposing some sort of cost on trade that raises the price of the traded products is MOST LIKELY an example of

When a country specializes in producing a product, overproduction can occur. What do nations do with the extra products?

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)

How might specialization encourage trade?

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.

International trade is the exchange of goods and services between countries. This sometimes involves the use of quotas. What is a quota?

The MOST LIKELY incentive for entrepreneurs to start a new business is

Entrepreneurs develop new goods and services to start a business. Why is entrepreneurship often difficult?

Increased education and training within a nation will most likely result in

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.

Economic development in northern Africa has been MOST affected by which of these?

Literacy rate for: Kenya-85% Nigeria-68% South Africa-86% Sudan-61% . Which country will probably have the highest standard of living?

South Africa is MOST known for its exporting of

Which of these would be the LEAST LIKELY to increase human capital?

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