Specialization Quiz review

Use the chart to answer the question:

Which country might trade its agricultural technology for petroleum? 

• Nigeria
• South Africa
• Saudi Arabia
• Israel

Use the chart to answer the following question:

Why might China wish to engage in trade with South Africa?

• South Africa has many valuable minerals needed by industry. 
• South Africa's large labor force enables it to produce cars inexpensively. 
• South Africa's high-tech industries allows its workers to specialize in computers. 
• South Africa's large number of industries allow it to export machinery

Why are most countries better off specializing in the production of particular goods, and then trading with other nations to obtain whatever else they need? 

• Transportation costs are lower than they were a century ago.
• Resources are not evenly distributed among countries.
• Greater investment of capital goods increases productivity.
• People have limited resources to satisfy unlimited wants. 

Country X can manufacture a particular product better and at a lower cost than country Y can.
What conclusion can be drawn from this situation?

• Country X has solved the problem of scarcity.
• Country X should discontinue making that product.
• Country Y should try to produce the same product. 
• Country X should sell that product to Country Y.

Use the chart to answer the following question:

What product should Ghana specialize in making? 

• cars
• computers
• cocoa
• industrial industry

Read the following two statements:
1. Nation A produces cars more efficiently than it can grow food crops.
2. Nation A produces cars and buys food from Nation B.
What principle of economics is illustrated by these two statements?

• Laws of Supply and Demand
• Scarcity
• The Factors of Production
• Specialization

In 2011, Forbes Magazine, reported that Ghana was the 11th most friendly country in the world. In addition, it ranked highest in popularity among travelers of all the countries in Africa.
Based on this information, what steps might Ghana's government consider? 

• Expansion of Ghana's gold mines
• Improvement of its electric energy
• Greater development of its tourism trade
• An increase in its solar energy capacity

Use the table to answer the following question:

Which statement can be inferred from the information in the chart?

• China's largest export to South Africa is iron and steel.
• South Africa buys all of its electronic equipment from China.
• China sells more precious stones to South Africa than it imports from it.
• South Africa's exports to China are mainly natural resources.

A graphic organizer is shown:
Which would be the best title for this graphic organizer?

• Positive and Negative Effects of a Command Economy
• The Average Cost of Producing Goods and Services
• The Benefits of Specialization and Trade
• Improving the Skills of a Country's Workforce

Countries benefit by specializing in the production of a limited number of goods.
How does this situation encourage trade among countries?

• Since a country cannot produce all of its needs, it makes sense for it to specialize in what it can produce efficiently, then trade with another country that specializes in what it needs.
• It does not encourage trade because all countries can produce whatever they want.
• Countries have unlimited resources so they don't need to specialize.
• Because Mr. Randa and Mr. Tonkli said so!