Economic Systems - Jamb Economics Past Questions and Answers

Question 6:

• JAMB 2016

Public ownership of productive factors is a feature of_______?

A. Socialism
B. Capitalism
C. Feudalism
D. Mixed economy

Question 7:

• JAMB 2015

In which of the following economic systems do we have the means of production and exchange controlled by private individuals

A. Socialist system
B. Mixed system
C. Capitalist system
D. Traditional system

Question 8:

• JAMB 2014

A major feature of an underdeveloped economy is

A. Excess capacity utilization
B. Low rate of population growth
C. Low level of standard of living
D. Low level of unemployment

Question 9:

• JAMB 2014

The choice of how to produce in a command economy is determined by

A. Government
B. Consumer
C. Industrialists
D. Labour unions

Question 10:

• JAMB 2014

In capitalist economies, questions about what to produce are ultimately answered by

A. Income level of households
B. Available technical skills in the economy
C. Output decisions of firms
D. Holding decision of households