Econ Test South Africa Question Preview (ID: 43147)


Test Of Basic Economic Terms. TEACHERS: click here for quick copy question ID numbers.

How would a country's GDP be affected by the lack of good human capital and lack of good capital.
a) would remain the same
b) would decrease
c) would increase
d) would slightly increase

Gross Domestic Product (GDP) is a countrys
a) total it makes in a year
b) total value of all goods and services produced in a year
c) the amount of money goods make in a year
d) the value of the government

What ended in South Africa which allowed black South Africans to own business, which helped South Africas Market economy become stronger?
a) British rule
b) Civil War
c) Apartheid
d) none of the above

What two natural resources is South Africa known for and has helped to build a stronger economy?
a) Diamonds and Gold
b) Oil
c) Iron
d) Steel

What type of economic system is found in the country of South Africa?
a) Traditional
b) Market
c) Mixed
d) Command

What percent of South Africa economy falls under command economy and what percent fall under free
a) 65 percent free 35 percent command
b) 65 percent command 35 percent free
c) 80 percent command 20 free
d) none of the above

_________ are the people and the money spent to make them more productive workers
a) Tools
b) Natural resources
c) Human Capital
d) Capital

A _______ is the line between and command and market economy most countries operate on.
a) Scale
b) Continuum
c) Point of sale
d) Number line

A traditional economy is based on?
a) customs and beliefs of the past
b) the government
c) Consumers and Sellers
d) Price

_________ control everything in an market economy
a) Customs and beliefs of the past
b) The government
c) The citizens
d) Consumers and sellers

Most countries today use are a ________ economy.
a) MIxed
b) Command
c) Traditional
d) Market

All components of a command economy are controlled by the?
a) Buyers
b) Sellers
c) The Government
d) The economy

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