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