Centrally planned economy - Jamb Economics Past Questions and Answers

Question 6:

• JAMB 2002

In a centrally planned economy, the economic problem of deciding what to produce is dependent on?

A. Average profit
B. State command
C. Average cost
D. Relative prices

Question 7:

• JAMB 2003

In a planned economy, the emphasis is on

A. Public ownership and control
B. Prices and competition
C. Individual choices and decisions
D. Private ownership and control

Question 8:

• 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 9:

• 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 10:

• 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