Economic Systems - Jamb Economics Past Questions and Answers

Question 56:

• JAMB 2013

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

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

Question 57:

• JAMB 2013

The deregulation of the petroleum sector in Nigeria will bring about

A. Efficiency in pricing and distribution of the products
B. An end to the importation of fuel
C. An end to foreign firms' dominance
D. Fixing appropriate production quotas

Question 58:

• JAMB 2020

Collectivism refers to the management of state enterprises in a?

A. Mixed economy
B. Co-operative organizations
C. Capitalist economic system
D. Socialist economy

Question 59:

• JAMB 2021

In a free market economy. the rationing of scarce goods is done principally by ____________

A. Consumers
B. The government
C. The price mechanism
D. All of the above