Economic Systems - Jamb Economics Past Questions and Answers

Question 51:

• JAMB 2008

The deregulation of telecommunication services in Nigeria is a characteristic of

A. Command economy
B. Traditional economy
C. Market economy
D. Feudal economy

Question 52:

• JAMB 2009

A typical feature of a market economy is that

A. All producers make profit
B. Full employment exists
C. Consumer sovereignty exists
D. There is equality of economic agents

Question 53:

• JAMB 2009

Guided deregulation as currently practised in Nigeria implies that

A. Market force determine interest and exchange rates
B. Government alone determines interests and exchange rates
C. Market forces and government determine interest and exchange rates
D. Exchange rate is regulated while interest rate is fixed

Question 54:

• JAMB 2012

A major disadvantage of a socialist economy is that

A. Corruption is rampant
B. Consumer's sovereignty is lost
C. Income inequality is entrenched
D. There is high level of unemployment

Question 55:

• JAMB 2012

A major disadvantage of a socialist economy is that

A. Corruption is rampant
B. Consumer's sovereignty is lost
C. Income inequality is entrenched
D. There is high level of unemployment