SS7E1: Africa Economic Systems

Nigeria has a mixed/command economy. Which resource does the government of Nigeria keep under their control?

• oil reserves

• heavy industry

• cattle production

• commercial agriculture

The South African economy can BEST be described as a

• command economy.

• traditional economy.

• pure market economy.

• mixed market economy.

All of these are characteristics of a ___ economy.

· Decision making based on supply and demand.

· Adjusts to changes in the market place.

· Producers and consumers have control of the economy.

• command

• market

• socialist

• traditional

Which of these is a correct description of one of the ways in which a command economy differs from a market economy?

• Market economies discourage free enterprise.

• In a market economy, the government sets prices.

• Command economies tend to have a higher per capita GDP.

• In a command economy, individuals have less economic freedom.

Which number represents the country being described here?

• 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

• 1

• 2

• 3

• 4

Which question is MOST LIKELY a fundamental economic question?

• Who will pay the taxes?

• Who will educate the workers?

• Who will get the goods and services produced?

• Who will do the work to produce the goods and services?

How does a traditional economy differ from a capitalist economy?

• In a traditional system, economic decisions are based on custom.

• In a capitalist system, the government answers the three basic questions.

• In a capitalist system, a central authority owns the factors of production.

• In a traditional system, a great variety of goods and services are available.

According to this chart, Egypt might export oil to which country?

• Italy

• Kenya

• Libya

• South Africa

Which nation is being described by these statements?

1. This African nation is a major world supplier of gold, diamonds, and platinum.

2. Agriculture only makes up 3.4% of this nation's GDP, and most of that farming is commercial.

3. This nation is a member of the World Trade Organization, and its major trade partners are the United States, the United Kingdom, and Germany.

• Kenya

• Sudan

• Nigeria

• South Africa

Which industries are owned entirely or in part by the government in Kenya? (Choose 3)

• banking

• electricity

• manufacturing

• mining

• transportation