Unit 8 Africa Economics Question Preview (ID: 40904)


Unit 8 Africa Economics. TEACHERS: click here for quick copy question ID numbers.

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

One of the main economic goals of the African Union is to
a) promote peace and security on the continent.
b) unite all member nations under a single government.
c) develop a working constitution for each member nation.
d) reduce trade barriers and promote free trade among member nations.

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.

One of the major priorities for the African Union, in its effort to unite the nations of Africa economically, is to create a(n) ________________ for use by the 53 member nations.
a) tariff policy
b) customs policy
c) embargo policy
d) common currency

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) a trade barrier
b) a trade surplus.
c) a trade deficit.
d) a trade incentive.

In Nigeria, people can open their own businesses, choose their careers and job paths, and can purchase a wide array of consumer goods. However, the national government institutes tariffs on imported goods, has a significant share in the oil industry,
a) Command
b) Market
c) Mixed
d) Traditional

Producers and consumers own the factors of production Custom and habit answer the question of who, what and how to produce Outside trade and commerce is discouraged Roles within the community are defined by custom and gender What type of economic sys
a) Command
b) Market
c) Mixed
d) Traditional

The South African economy can BEST be described as a
a) command economy.
b) traditional economy.
c) pure market economy.
d) mixed market economy.

What is one explanation for Nigeria to have a mixed economy with strong command economy elements?
a) Nigeria's government is a monarchy.
b) Nigeria's government has a long tradition of stability.
c) Nigeria's government had a long period of military dictatorship.
d) Nigeria's government has been controlled by the people in the form of a democracy.

What happens to the price of oil when OPEC countries decide to limit production?
a) oil prices drop
b) oil prices raise
c) oil prices collapse
d) oil stops being sold

In a traditional economy, the decision to make (or not make) certain products is decided MOSTLY by
a) custom
b) entrepreneurs
c) government
d) producers

This African nation is a major world supplier of gold, diamonds, and platinum. 2. Agriculture only makes up 3.4% of this nation's GDP, and most of that farming is commercial. 3. This nation is a member of the World Trade Organization, and its major t
a) Kenya
b) Sudan
c) Nigeria
d) South Africa

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 educate the workers?
c) Who will get the goods and services produced?
d) Who will do the work to produce the goods and services?

Decentralized decision making.· Adjusts to changes in the market place.· Producers and consumers have control of the economy. All of these are characteristics of a ___ economy.
a) command
b) market
c) socialist
d) traditional

Which example might work to limit trade between countries?
a) the lifting of an embargo
b) tariff reduction on imports
c) a quota on imports and exports
d) decreasing safety standards on exports

Which is an example of specialization?
a) making a career choice
b) picking a vacation spot
c) playing your favorite sport
d) going to the same restaurant daily

Which of these is TRUE about specialization in an economy?
a) People make the goods that other people want.
b) The government decides who can exchange goods.
c) Companies force people to participate in the economy.
d) Leaders require a certain number of exchanges per day.

Embargoes Quotas Subsidies Tariffs Which would be a good title for this list?
a) Rule of War
b) Benefits to Consumers
c) Obstacles to Free Trade
d) International Diplomatic Tools

Play Games with the Questions above at ReviewGameZone.com
To play games using the questions from above, visit ReviewGameZone.com and enter game ID number: 40904 in the upper right hand corner or click here.

TEACHERS / EDUCATORS
Log In | Sign Up / Register

Help / Support / FAQ




Gaming Links