Economic Systems in Africa

Which country is being described?

• Egypt

• Kenya

• Nigeria

• South Africa

One of the major priorities for the African Union, in its effort to unite the nations of Africa economically, is to create a(n) _ for use by the 53 member nations.

• embargo policy

• common customs

• tariff policy

• common currency

government has little to say about what, how, and for whom goods are produced; the factors of production are privately owned

• traditional economy

• command economy

• market economy

• mixed economy

What type of economic system is most common in African countries and globally?

• Command economy

• Market economy

• Mixed economy

• Traditional economy

The government controls key industries like oil and agriculture.

• Kenya

• Nigeria

• South Africa

Why are many African nations investing in fostering entrepreneurship?

• To reduce poverty rates.

• To boost tourism in their countries.

• To strengthen and diversify their economies.

• To reduce reliance on government intervention in the economy.

Why is a currency exchange system important for trade in Africa?

• Countries fought over which currency system to adopt.

• The exchange fees are essential to growing each country’s wealth.

• European nations still control African trade through the currency system.

• Africa's many countries each use different currencies.

Many African nations primarily __________ products such as crops, minerals, and livestock.

• Export

• Import

Which economic system is characterized by government ownership of resources and centralized decision-making?

• A) Market economy

• B) Command economy

• C) Mixed economy

• D) Traditional economy

What is the primary economic activity in many African countries?

• A) Manufacturing

• B) Agriculture

• C) Technology

• D) Mining