Unit 9 Africa Economics Review Question Preview (ID: 23084)
Unit 9 Africa Economics.
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In a market economy, prices are established by
a) consumers and labor unions.
b) decree of government agencies
c) the interaction of supply and demand.
d) businesses which buy and sell the products.
Which of these is a correct description of one of the ways in which a command economy differs from a market economy?
a) Market economies discourage free enterprise
b) In a market economy, the government sets prices.
c) Command economies tend to have a higher per capita GDP.
d) In a command economy, individuals have less economic freedom.
Which question is MOST LIKELY a fundamental economic question?
a) Who will pay the taxes?
b) Who will get the goods and services produced?
c) Who will educate the workers?
d) Who will do the work to produce the goods and services?
This African nation is a major world supplier of gold, diamonds, and platinum.
a) Kenya
b) Sudan
c) South Africa
d) Nigeria
This African nation is economically dependent on oil production, although energy revenues only benefit 1% of the population
a) Kenya
b) Sudan
c) South Africa
d) Nigeria
Which statement BEST reflects the difference between tariffs and quotas?
a) Tariffs raise prices on exports, while quotas set limits on imports.
b) Tariffs raise prices on imports, while quotas set limits on exports.
c) Tariffs raise prices on exports, while quotas set limits on exports.
d) Tariffs raise prices on imports, while quotas set limits on imports.
Imposing some sort of cost on trade that raises the price of the traded products is MOST LIKELY an example of
a) Trade deficit
b) Trade surplus
c) Trade barrier
d) Voluntary trade
When a country specializes in producing a product, overproduction can occur. What do nations do with the extra products?
a) store it
b) sell it
c) throw it away
d) keep it forever and ever and ever and ever and ever and ever and ever and ever and ever and ever and ever and...
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)
a) blockade
b) embargo
c) tariff
d) quota
How might specialization encourage trade?
a) One nation will sell its specialty to others ONLY if they don't compete.
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 focus resources on its specialty, forcing it to buy other products from other nations.
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.
a) agriculture
b) specialization
c) tariff
d) embargo
International trade is the exchange of goods and services between countries. This sometimes involves the use of quotas. What is a quota?
a) a tax on an imported good
b) a payment to encourage trade
c) the refusal to export some goods
d) an amount that can legally be imported
The MOST LIKELY incentive for entrepreneurs to start a new business is
a) to make a profit.
b) to discover a new patent
c) to risk financial failure.
d) to create a new social benefit
Entrepreneurs develop new goods and services to start a business. Why is entrepreneurship often difficult?
a) There are laws that restrict most new businesses.
b) Motivation for profit may not be the best incentive.
c) Healthy competition encourages higher quality products.
d) There is a risk that the new business may fail.
Increased education and training within a nation will most likely result in
a) a decrease in entrepreneurship.
b) a decrease in Gross Domestic Product (GDP).
c) an increase in Gross Domestic Product (GDP).
d) an increase in the presence of natural resources.
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.
a) the Republic of Kenya
b) the Kingdom of Ethiopia
c) the Republic of South Africa
d) the Republic of Saudi Arabia
Economic development in northern Africa has been MOST affected by which of these?
a) outbreaks of malaria
b) prolonged civil wars
c) communist-led governments
d) availability of sources of water
Literacy rate for: Kenya-85% Nigeria-68% South Africa-86% Sudan-61% . Which country will probably have the highest standard of living?
a) Kenya
b) Sudan
c) Nigeria
d) South Africa
South Africa is MOST known for its exporting of
a) automobiles
b) cotton.
c) minerals
d) rice
Which of these would be the LEAST LIKELY to increase human capital?
a) offering free training seminars for employees
b) improving access to health care in rural areas
c) involving parents in their children’s education
d) increasing the cost of tuition at public colleges
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