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Econ Test South Africa
Test Description: Test of basic economic terms.
Instructions: Answer all questions to get your test result.
1) A traditional economy is based on?
A
the government
B
Price
C
Consumers and Sellers
D
customs and beliefs of the past
2) All components of a command economy are controlled by the?
A
Sellers
B
The economy
C
The Government
D
Buyers
3) Most countries today use are a ________ economy.
A
Traditional
B
Market
C
Command
D
MIxed
4) _________ control everything in an market economy
A
Consumers and sellers
B
The government
C
Customs and beliefs of the past
D
The citizens
5) A _______ is the line between and command and market economy most countries operate on.
A
Point of sale
B
Continuum
C
Number line
D
Scale
6) What percent of South Africa economy falls under command economy and what percent fall under free
A
none of the above
B
65 percent free 35 percent command
C
80 percent command 20 free
D
65 percent command 35 percent free
7) _________ are the people and the money spent to make them more productive workers
A
Natural resources
B
Human Capital
C
Tools
D
Capital
8) What type of economic system is found in the country of South Africa?
A
Traditional
B
Market
C
Command
D
Mixed
9) What two natural resources is South Africa known for and has helped to build a stronger economy?
A
Steel
B
Oil
C
Diamonds and Gold
D
Iron
10) What ended in South Africa which allowed black South Africans to own business, which helped South Africas Market economy become stronger?
A
Civil War
B
none of the above
C
British rule
D
Apartheid
11) Gross Domestic Product (GDP) is a countrys
A
total value of all goods and services produced in a year
B
the value of the government
C
total it makes in a year
D
the amount of money goods make in a year
12) How would a country's GDP be affected by the lack of good human capital and lack of good capital.
A
would remain the same
B
would decrease
C
would slightly increase
D
would increase
*select an answer for all questions
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