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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
Entreprenuer
C
Embargo
D
Tariff
2) Under which economic system does the government make almost all of the economic decisions?
A
Market
B
Command
C
Mixed
D
Traditional
3) What is Nigeria’s main export?
A
Diamonds
B
oil
C
Ivory
D
Chicken
4) All of these are areas that South Africa has specialized except which?
A
Ivory
B
Gold
C
Platinum
D
Diamonds
5) Most countries in Africa practice what type of economy?
A
Mixed
B
Market
C
Command
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 countries have found they need a mix of free market and government control to be successful.
C
Some government control has never been successful.
D
Most consumers prefer government control to free market.
7) In a traditional economy, how are economic decisions made?
A
Consumers
B
A mix of consumers and government leaders
C
Customs and traditions
D
Government leaders
8) Which economy is dictated by supply and demand and the buyers and sellers?
A
Command
B
Socialism
C
Market
D
Mixed
9) What is one basic question of economics?
A
What is the opportunity cost?
B
What resources are available?
C
What will be produced?
D
Who acquires what goods and services?
10) Which type of economy is run by the businesses business owners?
A
communist economy
B
Command economy
C
Mixed economy
D
Market economy
*select an answer for all questions
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