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Africa's Economics
Test Description: Test on basic economics
Instructions: Answer all questions to get your test result.
1) If Nigeria passed a law that taxed all imports from Kenya, this would be known as
A
Quota
B
Tariff
C
Embargo
D
Entreprenuer
2) Under which economic system does the government make almost all of the economic decisions?
A
Command
B
Market
C
Traditional
D
Mixed
3) What is Nigeria’s main export?
A
Ivory
B
oil
C
Diamonds
D
Chicken
4) All of these are areas that South Africa has specialized except which?
A
Diamonds
B
Gold
C
Ivory
D
Platinum
5) Most countries in Africa practice what type of economy?
A
Mixed
B
Command
C
Market
D
Traditonal
6) Why do most countries in the world today fall somewhere between a market and a command economy?
A
Government control always makes a market economy more profitable.
B
Most consumers prefer government control to free market.
C
Some government control has never been successful.
D
Most countries have found they need a mix of free market and government control to be successful.
7) In a traditional economy, how are economic decisions made?
A
Government leaders
B
A mix of consumers and government leaders
C
Consumers
D
Customs and traditions
8) Which economy is dictated by supply and demand and the buyers and sellers?
A
Mixed
B
Market
C
Socialism
D
Command
9) What is one basic question of economics?
A
Who acquires what goods and services?
B
What will be produced?
C
What is the opportunity cost?
D
What resources are available?
10) Which type of economy is run by the businesses business owners?
A
Command economy
B
communist economy
C
Mixed economy
D
Market economy
*select an answer for all questions
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