In Nigeria, people can open their own businesses, choose their careers and job paths, and can purchase a wide array of consumer goods. However, the national government institutes tariffs on imported goods, has a significant share in the oil industry, and regulates much of the country's industry.
Based on this description, Nigeria could BEST be categorized as a ___ economy. Responses
(1 point)
Responses
Command
Command
Market
Market
Mixed
Mixed
Traditional
Mixed
African countries have a mixed economic system located on a continuum between pure market and pure command. Which of the following statements accurately reflects this concept?(1 point)
Responses
Pure market economies rely solely on government directives to allocate resources efficiently, while pure command economies allow market forces to determine resource allocation.
Pure market economies rely solely on government directives to allocate resources efficiently, while pure command economies allow market forces to determine resource allocation.
Mixed economies combine elements of both market and command systems, with government intervention and market forces influencing resource allocation to varying degrees along a continuum.
Mixed economies combine elements of both market and command systems, with government intervention and market forces influencing resource allocation to varying degrees along a continuum.
Pure market economies are entirely devoid of government influence, while mixed economies grant government full control over resource allocation decisions.
Pure market economies are entirely devoid of government influence, while mixed economies grant government full control over resource allocation decisions.
Command economies strictly adhere to supply and demand dynamics, whereas mixed economies are characterized by a complete absence of market-driven decisions.
Mixed economies combine elements of both market and command systems, with government intervention and market forces influencing resource allocation to varying degrees along a continuum.
Which of the following is an example of the impact trade had on the people of Southern and Eastern Africa?(1 point)
Responses
Eastern Africans practiced the same religion as their ancestors.
Eastern Africans practiced the same religion as their ancestors.
Those living in Southern Africa were isolated from the rest of the world.
Those living in Southern Africa were isolated from the rest of the world.
Southern Africans only use goods that are produced in their nation.
Southern Africans only use goods that are produced in their nation.
Millions of people in East Africa speak a form of Bantu.
Millions of people in East Africa speak a form of Bantu.
Question 2
Millions of people in East Africa speak a form of Bantu.
Which of the following options accurately compares and contrasts different types of trade barriers, such as tariffs, quotas, and embargoes?
(1 point)
Responses
Tariffs and quotas both restrict the quantity of imports, while embargoes are taxes imposed on exports, leading to decreased international trade.
Tariffs and quotas both restrict the quantity of imports, while embargoes are taxes imposed on exports, leading to decreased international trade.
Tariffs are government-imposed limits on the quantity of imports, while quotas are taxes on exports, and embargoes involve voluntary agreements to limit trade.
Tariffs are government-imposed limits on the quantity of imports, while quotas are taxes on exports, and embargoes involve voluntary agreements to limit trade.
Tariffs are taxes on imports, quotas are restrictions on the quantity of imports, and embargoes involve a complete prohibition of trade with a specific country.
Tariffs are taxes on imports, quotas are restrictions on the quantity of imports, and embargoes involve a complete prohibition of trade with a specific country.
Tariffs, quotas, and embargoes are interchangeable terms that refer to any form of government intervention in international trade to promote economic growth.
Tariffs are taxes on imports, quotas are restrictions on the quantity of imports, and embargoes involve a complete prohibition of trade with a specific country.
Which of the following challenges affect economic growth in Africa?(1 point)
Responses
Deforestation
Deforestation
Desertification
Desertification
Ethnic Conflict
Ethnic Conflict
All of the above
All of the above
To determine the best categorization of Nigeria's economy, we first need to understand the different types of economies.
1. Command Economy: In a command economy, the government owns and controls the means of production and resources. The government determines what goods and services are produced, how they are produced, and who receives them.
2. Market Economy: In a market economy, individual buyers and sellers make economic decisions. Prices are determined by supply and demand, and the government has limited intervention in the market.
3. Mixed Economy: A mixed economy combines elements of both command and market economies. It allows individual ownership and decision-making while also having government intervention and regulation in certain sectors.
4. Traditional Economy: In a traditional economy, economic decisions are based on customs, traditions, and cultural beliefs. It is typically found in rural or indigenous communities.
Based on the description provided, Nigeria could be categorized as a mixed economy. This is because individuals have the freedom to open businesses, choose careers, and purchase consumer goods which aligns with a market economy. However, the government institutes tariffs on imported goods, has a significant share in the oil industry, and regulates much of the country's industry, indicating elements of government intervention and regulation, characteristic of a mixed economy.