Economic Systems - Jamb Economics Past Questions and Answers

Question 11:

• 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 12:

• 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

Question 13:

• JAMB 1978

Which of the following activities of government precludes the existence of a market economy?

A. The imposition of taxes
B. The control of the location of industry
C. The central planning of production
D. The fixing of maximum price for all necessities
E. The establishment of law requiring the registration of business firms

Question 14:

• JAMB 1980

An economic problem arises when?

A. Manufactured goods are in short supply
B. Money is in short supply
C. Buyers are many
D. Sellers are few
E. Scarcity and choice are involved

Question 15:

• JAMB 1980

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

A. The government
B. Business organizations
C. The price mechanism
D. Consumers
E. Both A and B