Types Of Economic System - Economics Jamb Past Questions and Answers

Question 6 :

• 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 7 :

• 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 8 :

• 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

Question 9 :

• JAMB 1978

Which of these would not be included in the fundamental principle of a free enterprise economy

A. Private ownership of factors of production
B. The right to organize factor for production purposes
C. The right to make private profit
D. Government control of mobility of factor of production
E. Government effort to encourage competitive capitalism within the law of the country

Question 10 :

• JAMB 1978

Which of these should determine, in a planned economy how the factor of production are to be allocated among different production activities

A. Fairness
B. The distribution of income and wealth
C. Public need which is determined by the government
D. Private needs determined by the market
E. The ability of individual to make profit