Africa's Economics Review

How are mixed economies different from market economies?

• Mixed economies place greater emphasis on entrepreneurship.

• Mixed economies provide a greater degree of economic freedom

• Mixed economies place greater emphasis on the use of bartering

• Mixed economies involve a greater degree of government control

How are mixed economies different from command economies?

• Mixed economies provide a greater degree of economic freedom

• Mixed economies place greater emphasis on the use of bartering

• Mixed economies involve a greater degree of government control

• Mixed economies place greater emphasis on the use of trade barriers

Which country MOST LIKELY has a mixed economy?

• a country in which the government sets wage levels and the prices of goods

• a country in which bartering is often used in the place of monetary exchange

• a country in which some industries are government owned and some are privately owned

• a country in which private businesses operate with complete freedom and without regulation

What is a common element of the economic systems of South Africa and Kenya?

• The government controls some major industries.

• Privately owned businesses are prohibited.

• All economic decisions in these countries are made by the government.

• These countries have not developed economically due to trade barriers.

Based on the information, what conclusion can be drawn about the South African economy?

• South Africa has a pure market economy.

• South Africa has a pure command economy.

• South Africa has a command economy with some market elements.

• South Africa has a market economy with some command elements.

Which resource is largely responsible for Nigeria's economic gains?

• Coal

• Diamonds

• Oil

• Lead

The most pressing economic issues facing South Africa are which of the following?

• unemployment and inequality

• shortages of minerals and oil

• lack of skilled labor and management

• disease and insufficient health services

How do the South African and Nigerian economies compare?

• While both countries have market economies, Nigeria's economy has more command elements.

• While both countries have command economies, Nigeria's economy has more market elements.

• While both countries have market economies, South Africa's economy has more command elements.

• While both countries have command economies, South Africa's economy has more market elements

How has specialization both benefited and hindered Nigeria?

• Specialization in oil production has helped the country meet all of the energy needs of its population, but has also led to a significant decline in foreign trade.

• Specialization in agriculture has helped the country meet all of the food needs of its population, but has also led to a significant decline in foreign trade.

• Specialization in oil production has promoted economic growth, but has caused a decline in agriculture, leading to increased food imports.

• Specialization in agriculture has promoted economic growth, but has caused a decline in oil production, leading to increased energy imports.

Emphasizing which economic practice MOST helps African economies benefit from international trade?

• Specialization

• Generalization

• raising interest rates

• lowering inflation rates