The Import of Manufactured Goods from Europe to Africa

question 76

Multiple Choice

The import of manufactured goods from Europe to Africa

• A) bettered the situations of most Africans.
• B) stimulated the growth of manufacturing in Africa.
• C) undermined local cottage industries and impoverished families.
• D) had negative effects on European factory workers.
• E) led to the permanent establishment of European settlements across the continent.

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Definitions:

Foreign Currency Reserve

Refers to the foreign currencies held by a central bank or a monetary authority, used to support its liabilities, stabilize its currency, and finance trade imbalances.

Income

The money received, especially on a regular basis, for work or through investments.

Opportunity Cost

The price paid for not choosing the next most favorable option when deciding or picking between different possibilities.

Term Deposit

A bank deposit with a fixed term and typically a fixed rate of interest, where withdrawal can only occur after the term ends without penalty.