Answer 1:
(C) Government only
A command or organised economy happens when the government regulates all primary aspects of the economy and economic production. In a command economy, it is the government that chooses what to produce, how to design goods and how to classify goods and services within the economy.
Answer 2:
(B) Citizens only
A market economy is an economic arrangement in which economic choices and the pricing of goods and services are controlled solely by the aggregate communications of a country's specific citizens and corporations. There is little government interference or fundamental planning.
Answer 3:
(A) True
It an an economic system in which both the individual business and a range of state monopoly (normally in public services, defence, infrastructure, and basic industries) coincide. All contemporary economies are mixed where the centres of production are distributed between the private and public sectors. Also called the dual economy.
Answer 4:
(A) High as well
Literacy rate defines the degree to which a country's citizens are literate, where as the standard of living defines the amount of wealth and luxuries a social class possess. Both the terminologies are directly proportional to each other, if a person is literate, he/she will be able to change the standards of his family living.
Answer 5:
(B) False
For an entrepreneur the utmost thing is the innovative idea that he/she is going to open and the initial investment is done by the entrepreneur himself/herself. As the setup is new, and banks never want to risk their money without any security. So in case if the business doesn't works the penalty lies upon the entrepreneur himself/herself.
Answer 6:
(A) By focusing only on one product, the other areas suffer, such as agriculture and Nigeria has to import food.
Focusing on only one product line can limit/restrict the county's economy. As a result to which the other production is imported on double rates, which bring the economy into deficit. Hence it is very important for a country to diversify in the production areas an achieve a surplus economy.
Answer 7:
(B) Invest in training such as diamond cutting or gold purification
Human capital is the assets of knowledge, habits, social and personality attributes, including creativity, included in the capacity to perform labor so as to generate economic value. And since South Africa is already specializing in gold and diamond mining, all they need to do is make their labor achieve all the relevant knowledge and skills.
Answer 8:
(A) Trade was stopped to South Africa to encourage them to end apartheid.
Apartheid, an order that directed relations between South Africa’s white minority and a nonwhite majority and approved ethnic discrimination and political and economic differentiation against nonwhites. South Africa under apartheid was constrained to a variety of international boycotts, including on sporting contacts.
Answer 9:
(B) Men are given more opportunities for an education
Studying to read and write is a significant right. Yet, 38 % of African grown-ups (some 153 million) are illiterate; two-thirds of those are women. Africa is the only region where more than half of parents are not capable to support their kids with homework due to illiteracy.
Answer 10:
(A) True
Although an increasing youth population is a challenge, it can not fully solve the unemployment figures in Africa (Nigeria and South Africa). The figures preferably are mostly the outcome of particular economic and political contexts. Shortage of investment in infrastructure and subsidy for sectors with potential for generating jobs, for example, have produced deep structural issues. In many instances, these concerns predate the youth bulge.