Unit 8: Africa
This quiz is to assess student knowledge of the different types of economic systems that exist globally & Africa. Students will examine how government plays a vital role in determining the type of economic systems in place and what factors influence/impede economic growth.
- 1.New technology, factories, and machinery are all
- A.
Human Capital
- B.
Natural Resources
- C.
Capital Goods
- D.
Economic Systems
- 2.An entrepreneur is
- A.
A head of state in control of resources
- B.
A dictator
- C.
Person in charge of international trade
- D.
Person who takes risks by starting a new business
- 3.All of the following are examples of a market economy EXCEPT
- A.
Anyone can start a business if they want to
- B.
Companies control their own production
- C.
Supply and demand determine prices
- D.
The state owns all farms, but farmers can rent the land
- 4.Diamonds are one of Africa's natureal resources. What is another natural African resource?
- A.
Oil
- B.
Tobacco
- C.
Spices
- D.
Chocolate
- 5.Why was Egypt so important to the overall African economy in the past?
- A.
It had vast oil reserves
- B.
Egypt had a large military
- C.
There were no tariffs in that region
- D.
Egypt had access to various trade routes
- 6.Which term in NOT an example of income?
- A.
Compounding interest
- B.
Salary
- C.
Return on Investment
- D.
Credit
- 7.A trade barrier is anything that makes trade more difficult. Which is Not a trade barrier?
- A.
Tariff
- B.
Embargo
- C.
Capital
- D.
Quota
- 8.An exchange rate is the price that one country's currency has compared to another country's currency. Which is Not a benefit of exchange rates?
- A.
Without it, global trade would be impossible
- B.
Exchange rates change daily
- C.
Based upon govenment stability & market strength
- D.
Has no influence on buying or selling
- 9.All of the following are examples of natural trade barriers EXCEPT
- A.
Mountains
- B.
Deserts
- C.
Rivers
- D.
Rainforests
- 10.Which of the following BEST describes the purpose of making a budget?
- A.
Spending money on luxuries
- B.
Saving money so that retirement is possible
- C.
Creating credit card debt
- D.
Investing in stocks
- 11.All of the following are examples of entrepreneurs EXCEPT
- A.
A restaurant owner
- B.
A concert promoter
- C.
A military general
- D.
A child with a lemonade stand
- 12.All of the following are types of economic systems except
- A.
Traditional Economy
- B.
Command Economy
- C.
Market Economy
- D.
Voluntary Economy
- 13.Subsistence Farming includes all of the following features EXCEPT
- A.
Done for Profit-Such as cash crops
- B.
Grow food to feed the household
- C.
Done for Need
- D.
Make use of irrigation methods for watering
- 14.Economic Systems answer all the following questions EXCEPT
- A.
What is produced?
- B.
Who gets what is produced?
- C.
Where will it be produced?
- D.
Who should produce it?
- 15.Economics is the study of
- A.
People
- B.
How people manage their resources
- C.
The stock market
- D.
How money is invested
- 16.There are several branches of the government which include all except
- A.
Executive
- B.
Judicial
- C.
Legislative
- D.
Monarchial
- 17.Imports and exports are all apart of:
- A.
International Trade
- B.
Embargo
- C.
Foreign Exchange
- D.
Human Capital
- 18.Economic Organizations iwho work together to improve the financial conditions in Africa include all of the following EXCEPT:
- A.
ECOWAS-Economic Community of West African States
- B.
OPEC-Organization of Petroleum Exporting Countries
- C.
NAFTA-North American Free Trade Agreement
- D.
SADC-South African Development Community
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