Economic Systems - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

An economy in which the whole income is not consumed is referred to as______

A. Frugal economy
B. Spend thrift economy
C. Capitalist economy
D. Mixed economy

Question 2:

• JAMB 2019

In a capitalist economy, factors of production are owned and controlled by the _____?

A. Citizen
B. Business Men
C. Government
D. Foreigners

Question 3:

• JAMB 2019

An economy in which both the public and private sectors contribute to economic growth is a__________?

A. Socialist economy
B. Feudal economy
C. Mixed economy
D. Capitalist economy

Question 4:

• JAMB 2019

A capital market differs from the money market in that in the former ________?

A. The percentage of interest charged is more
B. Loan sought is long term
C. Loan repayment is guaranteed
D. Loan sought is short-term

Question 5:

• JAMB 2017

One of the reasons why Nigeria is a mono-economy is because of her _______

A. Huge volume of petroleum activities in the country
B. Diversification system of economic activities
C. High demand for foreign commodities
D. High rate of unemployment