African Economics (SS7E1, SS7E2, SS7E3

Front

Why is a system of currency exchange necessary for international trade?

Back

To pay for goods purchased from different countries

Front

Gross Domestic Product
is a measure of the total value of all.....

Back

The goods and services produced in an economy over a period of time

Front

What is a tariff?

Back

A tax placed on imports

Front

A tariff....

Back

Encourages people to buy goods made from their country.

Front

What is an embargo?

Back

A government order to stop trade.

Front

In a command economy, who holds power over the economy?

Back

The government

Front

Nigeria specializes in _____: Oil, Diamonds, Gold, Technology

Back

Oil

Front

South Africa specializes in ____.

Back

Diamonds

Front

Which of the following is an economic system in which the government and individuals are used to decide how to use scarce resources? Options: Market economy, Command economy, Traditional economy, Mixed economy

Back

Mixed economy

Front

Which of the following is an economic system in which economic decisions are made according to social roles & culture?
Options: Market economy, Command economy, Traditional economy, Mixed economy

Back

Traditional economy