Economics of Africa

Front

Why are most economies referred to as “mixed economies”?

Back

Most countries have aspects of both market and command economies.

Front

Which of the following is NOT one of the basic questions that all economic systems must answer: What to produce? How to produce? How much to produce? For whom to produce?

Back

How much to produce?

Front

Tribes in Kenya use bartering to trade and practice which type of economy?

Back

Traditional

Front

The economies of South Africa, Nigeria, and Kenya can be best described as:

Back

Mixed.

Front

Which African economy has the most free (from government control) mixed economy? Options: Kenya, Nigeria, South Africa, All of the above

Back

South Africa

Front

Which of the following would reflect Kenya’s mixed economy? Prices and wages are solely regulated by the country’s government. A combination of privately-owned businesses and government regulations. The country’s distribution of resources is based on inheritance. All economic decisions are based on customs and beliefs of ancestors.

Back

A combination of privately-owned businesses and government regulations.

Front

Which characteristic BEST describes South Africa’s economy? Options: Market-leaning, Traditional, Command-leaning, Pure market

Back

Market-leaning

Front

During Nigeria’s long period of military rule, what type of economic system did it have?

Back

Command

Front

How does voluntary trade help the economy?

Back

It encourages specialization which means more profit.

Front

In which area has South Africa specialized?

Back

gold and diamond mining