Africa Economics Review Question Preview (ID: 35157)


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Which of these is a correct description of one of the ways in which a command economy differs from a market economy?
a) people have less freedom
b) people have more freedom
c) there are no people
d) there are only monkeys

This African nation is a major world supplier of gold, diamonds, and platinum.
a) south africa
b) nigeria
c) kenya
d) sudan

This African nation is economically dependent on oil production, although energy revenues only benefit 1% of the population.
a) nigeria
b) sudan
c) south africa
d) kenya

Which statement BEST reflects the difference between tariffs and quotas?
a) tariffs tax imports and quotas limit imports
b) tariffs limit imports and quotas tax imports
c) tariffs stop trade and quotas limit trade
d) tariffs tax imports and quotas stop trade

How might specialization encourage trade?
a) countries work as a team
b) countries hate each other
c) countries date each other
d) countries give each other a giant hug

Why would a country place a quota on imports?
a) to protect the local economy
b) to spend more money
c) to stop all trade
d) to encourage foreign goods

20) In 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. This is passage is describing
a) specialization
b) embargo
c) currency exchange
d) command

Trade between countries can be an indicator of the strength of the country’s economy, standard of living, and literacy rate. This is an example of
a) international trade
b) domestic trade
c) local trade
d) lunch room food trade

Which of the following best describes GDP
a) value of all goods and services produced in a country in a year
b) value of all goods on a continent in a decade
c) value of all goods and services produced in a country in a century
d) orange trees and banana fruits

Renovating factories, updating heavy machinery, and constructing new industrial centers in Sudan are all examples of
a) investing in human capital
b) investing in capital goods
c) specializing in increasing gdp
d) mr jones has the swag i wish i had

why are most countries mixed?
a) most have aspects of both market and command
b) most are also traditional
c) most are autocratic
d) most are specialization

how has nigeria's decision to not invest in capital goods affected the countries citizens?
a) nigerians are left without proper food...
b) it helps their gdp
c) it makes them have civil war
d) it brings trade barriers

has a prime minister
a) parliamentary
b) presidential
c) autocratic
d) oligarchic

whcih are of africa probably is most affected by famine?
a) north africa
b) south africa
c) madaguascar
d) kenya

in south africa its easy to start a business...
a) entrepreneurs can make significant contributions to the gdp
b) entrepreneurs hurt the gdp
c) entrepreneurs make trade barriers
d) entrepreneurs specialize in making ketchup

the process of designing, launching, and running a new business
a) entrepreneurship
b) specialization
c) trade barriers
d) human capital

many countries and groups around the world want to reduce famine in africa, however what makes this difficult?
a) government instability
b) democracy
c) aids
d) famine

if south africa has a high literacy rate and sudan has a low lit rate, which country is going to probably have the higher standard of living?
a) south africa
b) kenya
c) sudan
d) nigeria

single self appointed ruler
a) autocratic
b) democratic
c) oligarchic
d) trade barrier

the executive in a parliamentary is chosen by the
a) legislature
b) people
c) citizens
d) international community

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