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GDP of $506.1 billion (2008 est). · World's leading producer of gold. · One of the world's largest producers of platinum and diamonds. · Not a significant producer of uranium or oil. Which country is being described here?
What is South Africa
100
1. This African nation is economically dependent on oil production, although energy revenues only benefit 1% of the population. 2. Subsistence agriculture is practiced here, and farming makes up 26.8% of the nation's GDP. 3. 57% of this nation's citizens live below the poverty line and live on less than $1 per day. 4. The government of this country has been known for corruption, misguided economic policies, and mismanagement of economic resources.
What is Nigeria
100
The South African economy can BEST be described as a
What is mixed market
100
What is one explanation for Nigeria to have a mixed economy with strong command economy elements?
What is Nigeria's government had a long period of military dictatorship
100
The total value of all the goods and services produced within a country in a given year
What is GDP
200
Mixed economy Many ports along the Atlantic Ocean Africa's largest producer of petroleum Must import much of their goods for consumers Corruption and waste has plagued their economy and government for decades. Which country is being described?
What is Nigeria
200
South Africa is MOST known for its exporting of
What is minerals
200
Which is the BEST definition of "literacy rate"?
What is the ability to read and write at a certain age.
200
In South Africa, only 20.1% of the GDP is devoted to capital investment while in Nigeria, capital investment accounts for 40.2% of the GDP. Which will be the most likely result?
What is Nigeria will have more factories, machinery, and technology than South Africa.
200
This is when each worker performs a specific task in production.
What is specialization
300
skills of citizens health of citizens education of citizens values of citizens
What is human capital
300
What would be the LEAST LIKELY to increase human capital? offering free training seminars for employees improving access to health care in rural areas increasing the cost of tuition at public colleges involving parents in their children’s education
What is C
300
An import quota is a
What is limit on imports
300
This is equipment and factories used in the production of goods and services.
What is capital goods
300
This is one of the three main factors of production. It is the measure of the work done by people.
What is labor
400
In Nigeria, people can open their own businesses, choose their careers and job paths, and can purchase a wide array of consumer goods. However, the national government institutes tariffs on imported goods, has a significant share in the oil industry, and regulates much of the country's industry. Based on this description, Nigeria could BEST be categorized as a ___ economy.
What is mixed
400
Which is TRUE about specialization in an economy?
What is you make what you do best and trade for the rest
400
Advances in which technology would have the greatest impact on Nigeria's economy?
What is oil refining
400
a person who takes the risk of a new business enterprise
What is entrepreneur
400
an economic system where the factors of production are privately owned
What is capitalism
500
Increased education and training within a nation will most likely result in
What is an increase in Gross Domestic Product (GDP).
500
Nigeria has a mixed/command economy. Which resource does the government of Nigeria keep under their control?
What is oil
500
In 1987, the United Nations General Assembly passed a resolution that prohibited countries from buying oil from South Africa in an effort to persuade the nation to end the racist policies of apartheid. This is an example of a(n)
What is embargo
500
This is a free enterprise system with some government involvement.
What is mixed
500
the paper money and coins that make up the money supply of a nation
What is currency