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Unit 8 Africa Economics
Test Description: Unit 8 Africa Economics
Instructions: Answer all questions to get your test result.
1) Decentralized decision making.· Adjusts to changes in the market place.· Producers and consumers have control of the economy. All of these are characteristics of a ___ economy.
A
market
B
traditional
C
socialist
D
command
2) Which question is MOST LIKELY a fundamental economic question?
A
Who will do the work to produce the goods and services?
B
Who will pay the taxes?
C
Who will educate the workers?
D
Who will get the goods and services produced?
3) Which of these is a correct description of one of the ways in which a command economy differs from a market economy?
A
In a command economy, individuals have less economic freedom.
B
In a market economy, the government sets prices.
C
Command economies tend to have a higher per capita GDP.
D
Market economies discourage free enterprise.
4) In a traditional economy, the decision to make (or not make) certain products is decided MOSTLY by
A
custom
B
entrepreneurs
C
producers
D
government
5) This African nation is a major world supplier of gold, diamonds, and platinum. 2. Agriculture only makes up 3.4% of this nation's GDP, and most of that farming is commercial. 3. This nation is a member of the World Trade Organization, and its major t
A
Nigeria
B
Sudan
C
South Africa
D
Kenya
6) What happens to the price of oil when OPEC countries decide to limit production?
A
oil prices collapse
B
oil stops being sold
C
oil prices drop
D
oil prices raise
7) The South African economy can BEST be described as a
A
mixed market economy.
B
command economy.
C
pure market economy.
D
traditional economy.
8) What is one explanation for Nigeria to have a mixed economy with strong command economy elements?
A
Nigeria's government has a long tradition of stability.
B
Nigeria's government has been controlled by the people in the form of a democracy.
C
Nigeria's government had a long period of military dictatorship.
D
Nigeria's government is a monarchy.
9) Producers and consumers own the factors of production Custom and habit answer the question of who, what and how to produce Outside trade and commerce is discouraged Roles within the community are defined by custom and gender What type of economic sys
A
Mixed
B
Market
C
Traditional
D
Command
10) In Nigeria, people can open their own businesses, choose their careers and job paths, and can purchase a wide array of consumer goods. However, the national government institutes tariffs on imported goods, has a significant share in the oil industry,
A
Command
B
Mixed
C
Market
D
Traditional
11) Imposing some sort of cost on trade that raises the price of the traded products is MOST LIKELY an example of
A
a trade incentive.
B
a trade barrier
C
a trade deficit.
D
a trade surplus.
12) Which statement BEST reflects the difference between tariffs and quotas?
A
Tariffs raise prices on imports, while quotas set limits on exports.
B
Tariffs raise prices on exports, while quotas set limits on exports.
C
Tariffs raise prices on exports, while quotas set limits on imports.
D
Tariffs raise prices on imports, while quotas set limits on imports.
13) One of the major priorities for the African Union, in its effort to unite the nations of Africa economically, is to create a(n) ________________ for use by the 53 member nations.
A
common currency
B
tariff policy
C
embargo policy
D
customs policy
14) One of the main economic goals of the African Union is to
A
develop a working constitution for each member nation.
B
unite all member nations under a single government.
C
promote peace and security on the continent.
D
reduce trade barriers and promote free trade among member nations.
15) 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
Nations agree to work together as a team to make it easier for them to manufacture expensive items.
D
One nation will sell its specialty to others ONLY if they don't compete.
16) 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
the refusal to export some goods
D
an amount that can legally be imported
17) Which example might work to limit trade between countries?
A
a quota on imports and exports
B
decreasing safety standards on exports
C
tariff reduction on imports
D
the lifting of an embargo
18) Which is an example of specialization?
A
playing your favorite sport
B
picking a vacation spot
C
making a career choice
D
going to the same restaurant daily
19) Which of these is TRUE about specialization in an economy?
A
People make the goods that other people want.
B
Companies force people to participate in the economy.
C
Leaders require a certain number of exchanges per day.
D
The government decides who can exchange goods.
20) Embargoes Quotas Subsidies Tariffs Which would be a good title for this list?
A
International Diplomatic Tools
B
Obstacles to Free Trade
C
Rule of War
D
Benefits to Consumers
*select an answer for all questions
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