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Economics of Africa

Economics of Africa Review

QuestionAnswer
Why are most economies referred to as mixed economies? Most countries have aspects of both market and command economies.
What is Nigeria's main export? Oil
What economic problem is South Africa currently facing? High unemployment rates.
What is a main reason for people to exchange currency? To buy and sell goods and services with other countries
When a government decides to increase a tariff, it increases the amount of a tax placed upon what? imported goods
What is an example of a physical trade barrier in Africa? The Sahara Desert
How does voluntary trade help the economy? It encourages specialization which means more profit.
During Nigeria's long period of military rule, what type of economic system did it have? Command
Which country has the strongest economy in Africa? South Africa
A product of the earth that people use to meet their needs is known as what? Natural resource
How has Nigeria's concentration on oil production hurt the country's economy? Agriculture has suffered and t he country must import food.
Why did several members of the United Nations have an embargo on South Africa? They wanted South Africa to end its apartheid system
If Sudan's government puts a limit on how much Nigerian oil it will import this year, what trade barrier is this? Quota
Created by: clott