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Economics of Africa
Economics of Africa Review
Question | Answer |
---|---|
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 |